Small-system modelling of real wages, in
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Massimiliano Marcellino; Grayham E. Mizon
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Article
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2001
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John Wiley and Sons
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English
⚖ 122 KB
## Abstract The relationships between real wages, output per capita, inflation and unemployment in Italy between 1970 and 1994 are modelled using a cointegrated vector autoregression. There is evidence of a change in the underlying equilibria and in the dynamic evolution of the variables, probably