Identification and estimation of a labour market model for the tradeables sector: the Greek case
Milas, Costas and Otero, Jesus (1999) Identification and estimation of a labour market model for the tradeables sector: the Greek case. Working Paper. Coventry: University of Warwick, Department of Economics. Warwick economic research papers (No.528).
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This paper derives a theoretical labour market model for the tradeables sector of a small open economy. Using Greek manufacturing data and applying multivariate cointegrating techniques, two cointegrating vectors are estimated based on the a priori restrictions provided by the theoretical model; a labour demand and a real exchange rate equation, respectively. The short-run estimates of the model suggest that labour decisions not only depend upon past disequilibria in the labour market, but also on the discrepancy between the real exchange rate and its implied long-run equilibrium relationship, that is, the magnitude of the real exchange rate misalignment.
|Item Type:||Working or Discussion Paper (Working Paper)|
|Subjects:||D History General and Old World > DF Greece
H Social Sciences > HD Industries. Land use. Labor
|Divisions:||Faculty of Social Sciences > Economics|
|Library of Congress Subject Headings (LCSH):||Labor market -- Greece, Cointegration, Estimation theory, Greece -- Commerce|
|Series Name:||Warwick economic research papers|
|Publisher:||University of Warwick, Department of Economics|
|Place of Publication:||Coventry|
|Official Date:||March 1999|
|Number of Pages:||19|
|Status:||Not Peer Reviewed|
|Access rights to Published version:||Open Access|
Alogoskoufis, G., 1990. Competitiveness, wage adjustment and macroeconomic policy in the dependent economy: the case of Greece. Greek Economic Review 12, 15-57.
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