David Sapsford

A real target model of wage inflation with variable union power: the UK experience 1962–1984

This paper offers a reassessment of the hypothesis that nominal wage determination involves Union real wage targets whose attainment depends on the bargaining process. The conventional model is augmented by the introduction of employer targets as well as nonlinear specification for relative power. Empirical evidence suggests that our estimates of Union power can partially explain share price fluctuations.

Primary Commodities in international trade: an analysis of real prices

This paper specifies and estimates a model of the determination of the price of primary commodities. The paper is organised as follows: Section I specifies the model and derives its reduced form price equation, while Section II reports and discusses the results which were obtained when the model was estimated against aggregate annual data covering the period 1900 to 1980. Section III summarizes the papers main findings.