Reflections on wage-setting

Klaus F. Zimmermann

Central banks need to be concerned about wages since they are a major driver of inflation. Rising wages are needed to signal directions for market adjustments to ensure growth. Wage growth is driven by relative scarcity, labor productivity and expectations about inflation and future growth. Migration plays a significant role to balance wages across regions and countries. Wage growth has been low in most developed economies because of underutilized labor if properly measured. Germany seems to be an exception, but the scarcity of workers has been tamed by internal flexibility resulting from more decentralized wage setting and labor market reforms.

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Year of publication:	[2018]
Authors:	Zimmermann, Klaus F.
Publisher:	Maastricht : Global Labor Organization (GLO)
Subject:	Phillips-curve \| wages \| union wages \| decentralized wage bargaining \| labor market reforms \| internal flexibility \| unemployment \| underemployment \| mobility and wages \| Tarifverhandlungen \| Collective bargaining \| Arbeitslosigkeit \| Unemployment \| Arbeitsmarktflexibilität \| Labour market flexibility \| Lohnstruktur \| Wage structure \| Verhandlungstheorie des Lohnes \| Collective bargaining theory \| Arbeitsmobilität \| Labour mobility \| Lohn \| Wages \| Deutschland \| Germany

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Extent:	1 Online-Ressource (circa 7 Seiten)
Series:	GLO discussion paper. - Essen : [Global Labor Organization (GLO], ZDB-ID 2951901-9. - Vol. no. 230
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/180664 [Handle]
Classification:	E24 - Employment; Unemployment; Wages ; J31 - Wage Level and Structure; Wage Differentials by Skill, Training, Occupation, etc ; J52 - Dispute Resolution: Strikes, Arbitration, and Mediation ; J61 - Geographic Labor Mobility; Immigrant Workers
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012131008