Modelling Shifts in the Wage-Price and Unemployment-Inflation Relationships in Italy, Poland, and the UK

Bocconi University, IGIER Working Paper No. 145

27 Pages Posted: 13 Mar 1999

See all articles by Massimiliano Giuseppe Marcellino

Massimiliano Giuseppe Marcellino

Bocconi University - Department of Economics; Centre for Economic Policy Research (CEPR)

Grayham E. Mizon

University of Southampton - Division of Economics

Date Written: February 1999

Abstract

The relationship between wages, prices, productivity, inflation, and unemployment in Italy, Poland, and the UK between the 1960's and the early 1990's is modelled as a cointegrated vector autoregression subject to regime shifts. For each of these economies there is clear evidence of a change in the underlying equilibria of this sector of the economy. Hypotheses concerning the similarity of the transition from a rigid to a flexible labour market are tested.

JEL Classification: C32, C51, E24

Suggested Citation

Marcellino, Massimiliano and Mizon, Grayham E., Modelling Shifts in the Wage-Price and Unemployment-Inflation Relationships in Italy, Poland, and the UK (February 1999). Bocconi University, IGIER Working Paper No. 145, Available at SSRN: https://ssrn.com/abstract=149773 or http://dx.doi.org/10.2139/ssrn.149773

Massimiliano Marcellino (Contact Author)

Bocconi University - Department of Economics ( email )

Via Gobbi 5
Milan, 20136
Italy

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

Grayham E. Mizon

University of Southampton - Division of Economics ( email )

Southampton, SO17 1BJ
United Kingdom
+44 (0)23 80 592519 (Phone)
+44 (0)23 8059 3858 (Fax)

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