An understanding of the determination of real wages is crucial in analyzing the determination of the natural rate of unemployment or NAIRU. Uses cointegration techniques to examine a core theoretical model of the long-run determinants of real wages involving unit labor costs, unemployment, union power and the replacement ratio. Considers the different measures of union power and the duration of unemployment and alternative specifications involving the "wedge" but a robust cointegrating relati...Expand abstract
- Journal of Economic Studies
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Is There a Cointegrating Vector for UK Wages?
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