An understanding of the determination of real wages is crucial in analysing the determination of the natural rate of unemployment or NAIRU. Uses cointegration techniques to examine a core theoretical model of the long-run determinants of real wages involving unit labour costs, unemployment,...

An understanding of the determination of real wages is crucial in analysing the determination of the natural rate of unemployment or NAIRU. Uses cointegration techniques to examine a core theoretical model of the long‐run determinants of real wages involving unit labour costs, unemployment,...