The focus of this paper is to investigate the importance of the capital stock in the determination of wages and … hypothesis of the paper: capital stock is an important determinant of unemployment and wages in the countries considered for the …

market and thus the persistence of unemployment. This paper is concerned with the determination of aggregate wages and … reasons for expecting that wages adjust with different speed to disequilibrium errors. The asymmetric error correction model …, and thirdly, we provide evidence which suggests that the speed of adjustment in nominal wages depends on unemployment …

determination of unemployment and wages in Germany and the U.K. Underlying this proposition is the notion that capital accumulation …-accelerating inflation and wages (NAIRU). Broadly speaking, there are two main arguments on this issue: one that concentrates on the cost of … market is also in equilibrium. The second is concerned with the determination of unemployment and wages during the adjustment …