In this paper the issue of causality between wages and prices in R. Macedonia has been tested. OLS relationship between prices and wages is positive; productivity is not significant in determination of prices or wages too. Engle-Granger test proved that variables of interest CPI and average real...

This article provides evidence about the interrelationships between wages and prices at the microeconomic level. We rely on the right-to manage model to specify and estimate a multivariate model explaining the timing and magnitude of wage changes at the firm level. The modeling of price changes...

This article presents a systematic and extensive empirical study on the presence of Markov switching dynamics in three dollar-based exchange rates. A Monte Carlo approach is adopted to circumvent the statistical inference problem inherent to the test of regime-switching behavior. Two data...

This article presents a systematic and extensive empirical study on the presence of Markov switching dynamics in three dollar-based exchange rates. A Monte Carlo approach is adopted to circumvent the statistical inference problem inherent to the test of regime-switching behavior. Two data...

A strand of exchange rate models postulate exchange rate fluctuations are driven by saddle-path dynamics and the related overshooting behavior. Using a bivariate system, the paper illustrates the relationship of the cointegration, saddle-path, and stationarity dynamics. Monte Carlo results...

A strand of exchange rate models postulate exchange rate fluctuations are driven by saddle-path dynamics and the related overshooting behavior. Using a bivariate system, the paper illustrates the relationship of the cointegration, saddle-path, and stationarity dynamics. Monte Carlo results...