Comments: German and American Wage and Price Dynamics: Differences and Common Themes by Wolfgang Franz and Robert J. Gordon

Article Abstract:

A study was conducted to evaluate research on wage and price developments in the US and Germany. Earlier research has focused on the impact of labor, price and tax wedges on such developments. However, a consideration of short-run dynamic results requires an application of the two-step co-integrating model for estimates of the target real wage bargaining model. The determination of unit coefficients and cointegration will generate results similar to such research processes.

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Comments: German and American Wage and Price Dynamics: Differences and Common Themes by Wolfgang Franz and Robert J. Gordon

Article Abstract:

A study was conducted to evaluate research on wage and price differences between Germany and the US and also to examine the relatively higher levels of unemployment for Germany compared to the US. It is shown that earlier research should have considered several factors which would have an impact on the analysis. These factors include the insignificance of error correction coefficients, the application of single-equation techniques and the impact of recursive estimation.

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Comments: Monetary Union, Money Demand, and Money Supply: A Review of the German Monetary Union by Jurgen von Hagen

Article Abstract:

A study was conducted to evaluate research on the economic features of the German monetary union. The study considers a varation of earlier research assumptions on the nature of Bundesbank policy. Output and velocity are assumed to be exogenous random variables in both permanent and transitional states. It is shown that assuming the absence of any impact by money shocks on output and velocity, monetary policy affects only price levels.

Research, Monetary unions, Money supply, Money demand

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