Wages and Exchange Rates: Nordic Reactions to Foreign Disturbances 73-81
Study on the general economic conditions in Denmark, Sweden, Finland and Iceland arising from the effects of the real oil price increases for either individual countries or block of countries during the period 1973-1981.
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actual additional adjustment analysis assumed assumptions average basic model bilateral trade chapter comparatively constant contract Danish demand Denmark derived determined devaluation discussed disequilibrium disturbances domestic dummy variables economy effects endogenous equation estimated exchange rate policy exogenous variables expected explained export market share export price export sector export volume factors Figure final Finland and Sweden Finnish foreign currency foreign disturbances formulation four given high-growth Iceland implies import includes income increase inflation rate influence labor market lagged larger long-run losses motivated negative nominal wage cost oil price shocks period points possible present productivity quantity rate of change rate of interest real growth rate real income real rate reduced relation relative price respect short simulation strong structural Swedish Table terms-of-trade three countries tion trade balance values variations wage cost rate world trade volume