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Efficiency Wages Revisited: The Internal Reference Perspective
Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2004
The missing wage rigidity in general equilibrium models of efficiency wages is an artifact of the external wage reference perspective conventionally adopted by the literature. Efficiency wage models based on an internal wage reference perspective are capable of generating strong wage rigidity....
Persistent link: https://www.econbiz.de/10005124415
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The Macroeconomic Consequences of Reciprocity in Labour Relations
Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2005
We develop and analyse a structural model of efficiency wages founded on reciprocity. Workers are assumed to face an …
Persistent link: https://www.econbiz.de/10005504485
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The Business Cycle Implications of Reciprocity in Labour Relations
Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2007
We develop a reciprocity-based model of wage determination and incorporate it into a modern dynamic general equilibrium … a negligible role in wage setting. These results are broadly consistent with micro-studies on reciprocity in labour … postulating nominal wage contracts. In particular, the reciprocity model is more successful in generating the sharp and …
Persistent link: https://www.econbiz.de/10005136735
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Product Market Integration and Wages: Evidence from a Cross-Section of Manufacturing Establishments in the United Kingdom
Driffill, John; Meschi, Meloria; Ulph, Alistair Mitchell - C.E.P.R. Discussion Papers - 1998
Theory predicts that when economies become more integrated through the removal of tariff and other barriers to trade, resulting in an increase in competition in product markets, there should be effects on wage and employment outcomes in labour markets, particularly those in which unions are...
Persistent link: https://www.econbiz.de/10005666859
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Deunionization, Technical Change and Inequality
Acemoglu, Daron; Aghion, Philippe; Violante, Giovanni L - C.E.P.R. Discussion Papers - 2001
We argue that inequality and rapid deunionization are related, and that skill-biased technical change has been an important factor in deunionization as well as in the rise in inequality. Skill-biased technical change causes deunionization because it increases the outside option of skilled...
Persistent link: https://www.econbiz.de/10005791562
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Will EMU Increase Eurosclerosis?
Bentolila, Samuel; Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2000
In this paper we study the relationship between labour market institutions and monetary policy. We use a simple macroeconomic framework to show how optimal monetary policy rules depend on labour institutions (labour adjustment costs, and nominal and real wage rigidity) and social preferences...
Persistent link: https://www.econbiz.de/10005124134
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The Endogenous Determination of Minimum Wage
Epstein, Gil S; Nitzan, Shmuel - C.E.P.R. Discussion Papers - 1999
In this paper we study the endogenous determination of minimum wage employing a political-economic game-theoretic approach. A major objective of the paper is to clarify the crucial role of the strength of the workers' union and of political culture on the determination of the minimum wage. In...
Persistent link: https://www.econbiz.de/10005497998
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Search, Concave Production, and Optimal Firm Size
Smith, Eric - C.E.P.R. Discussion Papers - 1994
This paper presents a simple search and bargaining economy in which firms use concave production. Because a firm and worker negotiate over the worker's marginal productivity, the firm's wage is a function of its labour force. Reacting to this wage function, firms choose an excessively large and...
Persistent link: https://www.econbiz.de/10005656122
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Structural Reforms and the Macroeconomy: The Role of General Equilibrium Effects
Gersbach, Hans - C.E.P.R. Discussion Papers - 2003
We examine the macroeconomic consequences of industry wage-bargaining and product market reforms. We suggest that general equilibrium effects may be important for the evaluation of industry-specific regulations. In particular, we suggest that the European unemployment problem can be traced back...
Persistent link: https://www.econbiz.de/10005788996
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Structural Reforms and Growth: Product and Labor Market Deregulations
Eijffinger, Sylvester C W; Rossi, Alberto - C.E.P.R. Discussion Papers - 2006
The paper focuses on labor and product market deregulations, as fundamental elements in the passage from an investment to an innovation-based economy. The approach undertaken is prominently empirical. After a very brief description of the regulatory levels on the two sides of the Atlantic, we...
Persistent link: https://www.econbiz.de/10005792522