By Hannu Piekkola, Kenneth Snellman
This quantity considers the improvement of the salary formation and salary bargaining associations as a reaction to adjustments within the bargaining setting. those alterations contain a decrease point of inflation and the expansion in intraindustrial exchange as organisations became extra specialized. The reaction to those adjustments depends on the present associations and at the features of the bargaining approach. regularly there was a few flow in the direction of decentralisation; the query is what could be bargained centrally and which concerns could be transferred to decrease degrees. the various contributions pay designated awareness to Nordic regimes utilizing survey effects amassed from the Finnish labour industry companions.
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Extra resources for Collective Bargaining and Wage Formation: Performance and Challenges
Sample text
Clearly, strike threats are credible, as this will give the workers a higher payoff than they will obtain from prolonging the existing contract. However, if the firm offers a new contract of 95 + £, where £ is a small positive number, strike threats will no longer be credible. Workers will obtain a higher payoff from accepting the firm's offer of 95 + £ than from initiating a strike. Thus, the workers will accept the offer, and no strike will take place. Fig. 3. The Long Run Phillips-curve Inflation £ -• UL UH Unemployment Then consider a negative inflation scenario, where the real value of the existing nominal contract wage has increased to, say, 110.
With low trade frictions and tightly integrated product markets the difference between being in a position threatened by import and being in a position of having an export possibility is very small. On the other hand, with large frictions and little integration the margin is wider. 28 Torben M. Andersen Figure 6 shows how the critical export and import wage depends on relative productivity (comparative advantage) - and therefore the threats and opportunities are not equally shared across all workers in a given labour market or sector.
A reduction of unemployment benefits) moves the wage curve downwards, raising equilibrium employment. In Akerlof et al. e. the real wage that would prevail without any nominal wage rigidity. If a negative shock takes place so that the notional real wage involves a nominal wage cut, Akerlof et al. assume that DNWR (due to fairness reasons) prevents the cut, implying that real wages are higher than they would otherwise have been. Under low or negative inflation, this will happen in a large part of the economy, so that wage pressure increases, the wage curve moves up in Figure 1, and the equilibrium rate of employment is reduced.