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The disconnection between productivity and workers’ compensation after 1980 is a fact not only for the U.S., Canada, Japan but also for Europe. The level of the decoupling between labor productivity and real hourly compensation is highest in the U.S. and Japan and lowest in Norway and Germany. This study investigates the great decoupling phenomena between 1950 and 2014 for eight economies with available...
Monthly seasonally unadjusted data can exhibit roots with possibly fractional orders of integration, corresponding to the monthly but also to the quarterly and to the long-run or trending components of the series. In this paper we use a procedure which is suitable to test simultaneously for the order of integration of each of these components and apply it to several US monetary aggregates.
This paper deals with the presence of long range dependence at the long run and the cyclical frequencies in macroeconomic time series. We use a procedure that allows us to test unit roots with fractional orders of integration in raw time series. The tests are applied to an extended version of Nelson and Plosser’s (Nelson CR, Plosser CI (1982) J Monetary Econ 10:139–162) dataset, and the results show...
In this paper we use a statistical procedure which is appropriate to test for deterministic and stochastic (stationary and nonstationary) cycles in macroeconomic time series. These tests have standard null and local limit distributions and are easy to apply to raw time series. Monte Carlo evidence shows that they perform relatively well in the case of functional misspecification in the cyclical structure...
In this article we examine the existence of unit root cycles in 11 long Swedish macroeconomic time series. We use a version of the tests of Robinson (1994) that permits us to test this type of hypothesis, which is based on the Gegenbauer processes. The results show that, for most of the series, the unit root cycles occur approximately every six periods. However, in case of the GDP deflator and wage...
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