Abstract
Our prototype model assumes that an increase in wages will increase the number of people seeking work and reduce the number of available jobs. Some other regional models assume that the labor market responds differently. In this chapter, we use alternative versions of our prototype model to examine the implications of these alternative assumptions and specifications. We conclude the chapter with a discussion of how a model can help to clarify issues relating to evidence about real wage and nominal wage convergence.
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© 1993 Springer Science+Business Media New York
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Treyz, G.I. (1993). Alternative Model Specifications. In: Regional Economic Modeling: A Systematic Approach to Economic Forecasting and Policy Analysis. Springer, Dordrecht. https://doi.org/10.1007/978-94-017-2874-4_5
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DOI: https://doi.org/10.1007/978-94-017-2874-4_5
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-017-2876-8
Online ISBN: 978-94-017-2874-4
eBook Packages: Springer Book Archive