Cukierman, A.; Lippi, F. - Tilburg University, Center for Economic Research - 1998
centralization of wage bargaining and of the interaction between those institutional variables, on real wages, unemployment and … decrease in the number of unions) triggers two opposite effects on real wages, unemployment and inflation. It reduces the … competition effect" raises real wages, unemployment and in°ation. But the decrease in the number of unions also strengthens the …