期刊名称：DIW Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung, Berlin
出版年度：2007
卷号：2007
出版社：Deutsches Institut für Wirtschaftsforschung, Berlin
摘要：We propose a generalized estimating equations approach to the analysis of the
mean and the covariance structure of a bivariate time series process of panel
data with mixed continuous and discrete dependent variables. The approach is
used to jointly analyze wage dynamics and the incidence of profit-sharing in
West Germany. Our findings reveal a significantly positive conditional
correlation of wages and the incidence of profit-sharing. Furthermore, they
indicate that permanent unobserved individual ability is comparatively more
important in the profit-sharing than in the wage equation and show that shocks
have a long-lasting effect on transitory wages but not on the incidence of
profit-sharing. Hence, the results support theoretical predictions that
selection into profit-sharing is mostly due to unobservable ability and that
profit-sharing ties wages more closely to productivity.
