出版社：Asociatia Generala a Economistilor din Romania - AGER
摘要：This paper estimates equations for price and wage inflation based on a model of imperfect competition, using quarterly data for Romania for a 10 years sample from 1997:1 to 2007:1. From the estimation we can conclude: - the output gap has a low impact on inflation; - a growth in the labour productivity level reduces unit labour costs and inflation and increases real wages; - inflation imposes substantial costs on workers due to the negative relation between inflation and real wage; - the level of inflation depends positively on previous period exchange rate; - unemployment rate has a substantial impact on wages in Romania. This paper follows a different approach: instead of estimating a reduced-form relation between the change in inflation and the unemployment rate, I will estimate separate price and wage equations based on a model of imperfectly competitive firms.
