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Wage dynamics in Spain: evidence from individual data (1994-2001)

Author(s): Inmaculada García-Mainar | Víctor M. Montuenga-Gómez

Journal: Investigaciones Regionales
ISSN 1695-7253

Issue: 24;
Start page: 41;
Date: 2012;
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Keywords: Phillips curve | Wage Curve | dynamic panel data | GMM

In this paper, we test the hypothesis of a wage curve against a Phillips curve for Spain, within a dynamic framework that allows for both of these, and for more general alternatives. To this end, we use data from the European Community Household Panel, providing micro-information for the period 1994-2001. The results indicate that, contrary to the situation in other European countries, the wage adjustment occurs in just one period, with the elasticity of wages to unemployment being close to the «empirical law of economics» of –0.1.
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