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dc.contributor.authorGjelsvik, Maria Linnea
dc.contributor.authorNymoen, Ragnar
dc.contributor.authorSparrman, Victoria
dc.coverage.spatialNorgenb_NO
dc.date.accessioned2019-07-08T11:10:34Z
dc.date.available2019-07-08T11:10:34Z
dc.date.issued2015-10
dc.identifier.issn1892-753X
dc.identifier.urihttp://hdl.handle.net/11250/2603731
dc.descriptionThis project has received financial support from the Norwegian Ministry of Finance and the Norwegian Research Council.nb_NO
dc.description.abstractCollective agreements have played a central role in the system of wage formation in Norway for more than fifty years. Although the degree of coordination achieved has been variable, pattern wage bargaining has been a mainstay of the system. We investigate the degree of invariance in wage formation in Norway with respect to two recent structural changes: the transition towards inflation targeting in monetary policy and an unprecedented surge in labour supply due to higher immigration rates. We report empirical results that support the view that a semi-permanent high immigration may affect wages negatively in a significant way. However, we do not find evidence that the stability of the arbitration system, and in particular the wage-bargaining pattern, has been changed by labour immigration or by inflation targeting monetary policy. An explanation of why we do not find evidence of structural changing effects of the transition of monetary policy, can be found in the fact that the wage arbitration system itself has syncronized the inflation expectations of the social partners. In that analysis, inflation targeting became a new layer of nominal stabilization, on top of the existing one.nb_NO
dc.language.isoengnb_NO
dc.publisherStatistisk sentralbyrånb_NO
dc.relation.ispartofseriesDiscussion papers;No.824
dc.subjectInflation modellingnb_NO
dc.subjectPattern wage bargainingnb_NO
dc.subjectInflation targetingnb_NO
dc.subjectDynamic econometricsnb_NO
dc.subjectCointegrationnb_NO
dc.subjectSmall open economynb_NO
dc.subjectØkonometrinb_NO
dc.titleHave inflation targeting and EU labour immigration changed the system of wage formation in Norwaynb_NO
dc.typeWorking papernb_NO
dc.description.versionpublishedVersionnb_NO
dc.source.pagenumber36 s.nb_NO


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