The impact of workdays lost to strikes on wage growth in Turkey

Journal of Economic Structures

The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 1 ULC growth rates, PPP and nominal exchange rate (annual, unit: %)

Factors	1973–1985	1985–2003	2003–2011
Change rate in the lira against the dollar	− 49.5	− 59.3	− 1.8
Change rate in PPP against the United States	− 30.9	− 64.3	− 7.2
ULC growth in non-tradable goods	30.4	63.2	8.2
ULC growth in export goods	32.2	60.9	7.2

Wage rate growth was proportional in both non-tradable goods and export goods, and imported material cost was negligible, but there is no constant mark-up rate to calculate PPP
PPP is the hypothetical exchange rate. In a country, if the appreciation of PPP is higher than that of the nominal exchange rate, it means the country’s exchange rate is undervalued