Nationaløkonomisk tidsskrift,
Nationaløkonomisk Forening

Abstract: The dynamics of the real wage, employment and, somewhat less explicitly, the price level are examined within a small macroeconomic model containing an error correction mechanism in the wage equation as well as in the price equation. The relationship between real wage aspirations and real wage outcomes, ie, the shape of the long term real wage curve, is derived explicitly; and the dependency of the long run equilibrium and the dynamics on the partial wage-price and price-wage elasticities and on the error correction parameters is systematically investigated.

Keywords: reallønsaspirationer; fejlkorrektion; reallønskurver

JEL-codes: A10

Language: Danish

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