Abstract

This paper deals with the simultaneous estimation of wage—price systems for the Austrian economy using yearly data from 1955 to 1975. The dependent variables are the growth rates of the consumer price index, the GNP—deflator and the average wage income per employee. The explanatory variables for the price equations are mainly cost variables (wages and import prices) and only to a minor extent demand variables (capacity utilization). The wage equation is specified alternatively as a short run Phillips—curve and in a way in which the distribution between wages and profits remains constant. The empirical results can be summarized as follows:

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