Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/210360
Authors: 
Brubakk, Leif
Hagelund, Kåre
Husabø, Eilert
Year of Publication: 
2018
Series/Report no.: 
Staff Memo No. 10/2018
Abstract: 
In this paper, we estimate various dynamic wage equations for mainland Norway. Our starting point is a standard Phillips curve. We then expand on our baseline specification by adding explanatory variables suggested by economic theory. In our preferred specification, the labor share plays the role of an error correction term. This means that whenever the wage level is high relative to the value of productivity, there is a tendency for wage growth to slow down. We demonstrate that accounting for this level effect, which has also proven useful in earlier studies on Norwegian data, is particularly helpful in understanding the low wage growth in recent years.
Persistent Identifier of the first edition: 
ISBN: 
978-82-8379-057-3
Creative Commons License: 
http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no
Document Type: 
Research Report
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