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dc.contributor.authorFountas, Stilianosen
dc.identifier.citationFountas, S. (1997) "Cointegration Tests of the Profit-maximising Equilibrium in Greek Manufacturing 1958-1991" (Working Paper No. 014) Department of Economics, National University of Ireland, Galway.en
dc.description.abstractThis paper applies the recently developed cointegration techniques to test for a long-run equilibrium among real wages and the average productivity of labour as implied by profit maximisation in the Greek manufacturing sector. We find evidence for a profit-maximising equilibrium and for adjustment towards this long-run equilibrium through nominal wages and labour productivity. We have also provided an estimate of the elasticity of substitution of 0.23 which is consistent with that of other studies using alternative approaches.en
dc.publisherNational University of Ireland, Galwayen
dc.relation.ispartofseriesEconomics working papers;014en
dc.subjectProfit maximising equilibriumen
dc.subjectError-correction modelen
dc.titleCointegration Tests of the Profit-maximising Equilibrium in Greek Manufacturing 1958-1991en
dc.typeWorking Paperen

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