Díaz-Vázquez, María del Pilar; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1996
depends on the persistence of the macroeconomic fluctuations to which the labour market is exposed, and on employees … the macroeconomic fluctuations are sufficiently prolonged and employees have sufficient bargaining power; but firing and … (when macroeconomic fluctuations were transient and union strength was moderate), and Europe’s relatively unfavourable …