Cointegrating VAR models with endogenous I(0) variables: theoretical extensions and an application to UK monetary policy

Abstract

Data from the 1998 Workplace Employee Relations Survey are analysed to investigate the processes and outcomes of pay setting for the largest occupational group in a representative sample of all but the smallest British workplaces. The effects of inflation, changes in labour demand and supply, comparability and up- skilling are all examined. Trade unions appear to modify the process of pay-setting more than the outcome: if anything, bargained settlements are somewhat smaller than non-bargained ones.

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