Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/209829 
Year of Publication: 
2004
Series/Report no.: 
Working Paper No. 2004/4
Publisher: 
Norges Bank, Oslo
Abstract: 
Using a newly constructed panel of manufacturing industry data for interwar Norway, we estimate a long-run wage curve for the 1930s that has all the modern features of being homogeneous in prices, proportional to productivity, and having an unemployment elasticity of −0.1. This result is more typical of contemporary European than U.S. wage equations, even if the labour market in interwar Norway possessed distinctively more 'American' features than those associated with present-day European welfare states. We also present some new Monte Carlo evidence on the properties of the estimators used.
Subjects: 
wages
depression
panel data
dynamics
JEL: 
E24
N24
Persistent Identifier of the first edition: 
ISBN: 
82-7553-230-2
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper
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