A study of prices, wages and employment in Finland, 1957-1966
Molander, Ahti (02.06.1969)
Numero
31Julkaisija
Suomen Pankki
1969
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:bof-201708151537Sisällysluettelo
Preface 7
1. INTRODUCTION 9
2. BACKGROUND OF THE STUDY 12
2. 1. The Problem in Historical Perspective 12
2. 2. The Study of Inflation after the Second World War 15
3. THE PURPOSE AND BASIC MODEL OF THE PRESENT STUDY 19
3. 1. Choice of the Frame of Reference 19
3. 2. The Purpose of the Study 21
3. 3. The Basic Model 24
4. DERIVATION OF HYPOTHESES 30
4. 1. Determination of the Price Level 30
4. 2. Determination of the Wage Level 37
4. 3. The Demand for Labour 42
4. 4. The Supply of Labour 46
4. 5. Excess Demand in the Commodity Market 48
5. EMPIRICAL PARTIAL ANALYSIS 53
5. 1. General Remarks 53
5. 2. The Price Equation 54
5. 3. The Earnings Level Equation 59
5. 4. The Activity Equation 63
5. 5. A Note on Wage Drift 64
5. 6. The Negotiated Wage Rates Equation 65
5. 7. The Wage Drift Equation 66
5. 8. The Demand for Labour Equation 69
5. 9. The Supply of Labour Equation 70
5. 10. A Summary of the Partial Single-Eguation Analysis 72
6. SIMULTANEOUS ANALYSIS 73
6. 1. Combined Hypotheses and Simultaneous Estimation 73
6. 2. On the Dynamic Properties of the Inflationary Process 77
6. 3. Some Economic and Economic-Policy Implications of the Dynamic Analysis 82
7. CONCLUDING REMARKS 89
LIST OF SYMBOLS 91
APPENDIX I. Estimation Results, Tables 1-14 92
APPENDIX II. Diagrams of Estimates, Transformed Excess Demand Model I 102
APPENDIX III. Operational Counterparts of the Variables Used in the Empirical Analysis, Statistical Sources and Numerical Data 109
III. A. Operational Counterparts of the Variables Used in the Empirical Analysis and Statistical Sources 110
III. B. Numerical Data 113
APPENDIX IV. Correlation Matrix of Variables in Transformed Excess Demand And Capacity Models 116
REFERENCES 117
1. INTRODUCTION 9
2. BACKGROUND OF THE STUDY 12
2. 1. The Problem in Historical Perspective 12
2. 2. The Study of Inflation after the Second World War 15
3. THE PURPOSE AND BASIC MODEL OF THE PRESENT STUDY 19
3. 1. Choice of the Frame of Reference 19
3. 2. The Purpose of the Study 21
3. 3. The Basic Model 24
4. DERIVATION OF HYPOTHESES 30
4. 1. Determination of the Price Level 30
4. 2. Determination of the Wage Level 37
4. 3. The Demand for Labour 42
4. 4. The Supply of Labour 46
4. 5. Excess Demand in the Commodity Market 48
5. EMPIRICAL PARTIAL ANALYSIS 53
5. 1. General Remarks 53
5. 2. The Price Equation 54
5. 3. The Earnings Level Equation 59
5. 4. The Activity Equation 63
5. 5. A Note on Wage Drift 64
5. 6. The Negotiated Wage Rates Equation 65
5. 7. The Wage Drift Equation 66
5. 8. The Demand for Labour Equation 69
5. 9. The Supply of Labour Equation 70
5. 10. A Summary of the Partial Single-Eguation Analysis 72
6. SIMULTANEOUS ANALYSIS 73
6. 1. Combined Hypotheses and Simultaneous Estimation 73
6. 2. On the Dynamic Properties of the Inflationary Process 77
6. 3. Some Economic and Economic-Policy Implications of the Dynamic Analysis 82
7. CONCLUDING REMARKS 89
LIST OF SYMBOLS 91
APPENDIX I. Estimation Results, Tables 1-14 92
APPENDIX II. Diagrams of Estimates, Transformed Excess Demand Model I 102
APPENDIX III. Operational Counterparts of the Variables Used in the Empirical Analysis, Statistical Sources and Numerical Data 109
III. A. Operational Counterparts of the Variables Used in the Empirical Analysis and Statistical Sources 110
III. B. Numerical Data 113
APPENDIX IV. Correlation Matrix of Variables in Transformed Excess Demand And Capacity Models 116
REFERENCES 117