Wage Formation and Bargaining Power during the Great Depression
利用挪威两次世界大战之间制造业的面板数据，用现代议价理论和工资方程分析工资形成，估计出具有标准特征的长期工资曲线。
We present an econometric analysis of wage behaviour in Norway during the interwar years. The analysis is based on a panel of manufacturing industry data using GMM estimation methods. Our empirical analysis shows that wage formation in the interwar period can be understood with the help of modern bargaining theory and well-established wage equations. We estimate a long-run wage curve that has all the standard features of being homogeneous in prices, proportional to productivity, and with a negative unemployment elasticity. We also present some new Monte Carlo evidence on the properties of the estimators used.