leader. We estimate a model of wage formation in manufacturing and in two other sectors. Deciding cointegration rank is an … cointegration analysis provides evidence that collective wage negotiations in manufacturing have defined wage norms for the rest of …

severe and prolonged macroeconomic shock affects wage rigidity and unemployment. Our second survey was conducted in 1998 …, when the unemployment rate was much higher, and the inflation rate much lower, than when we conducted the first survey in … 1991. We find no evidence that the increase in unemployment has softened the mechanisms generating wage rigidity. On the …