model reveals that an anti-retrenchment law can cause wages and employment to rise or fall, depending on the parametric … raises wages and employment. In a subsequent section we assume that the law specifies exogenously the amount of compensation …, equilibrium wages fall. However beyond a certain point, further rises in s cause wages to rise. In other words, the relation …

model reveals that an anti-retrenchment law can cause wages and employment to rise or fall, depending on the parametric … raises wages and employment. In a subsequent section we assume that the law specifies exogenously the amount of compensation …, equilibrium wages fall. However beyond a certain point, further rises in s cause wages to rise. In other words, the relation …

Theory predicts that the wage effects of government-mandated severance payments depend on workers' and firms' relative … bargaining power. This paper estimates the effect of employment protection legislation (EPL) on workers' individual wages in a …

labor contract (Lazear 1990). We give empirical content to this proposition by estimating the effects of EPL on entry wages … of the reform on entry wages and a decrease of the returns to tenure by around 20% in the first year and by 8% over the …

labor contract (Lazear 1990). We give empirical content to this proposition by estimating the effects of EPL on entry wages … of the reform on entry wages and a decrease of the returns to tenure by around 20% in the first year and by 8% over the …

. We solve (i) for the Markov perfect equilibria with no commitment, under the assumption that the union chooses wages each … entire (infinite) sequence of wages. We conclude that the speed of adjustment of employment, that is higher in the … employment and wages only in the no-commitment case, i.e., the higher the relevance of adjustment costs the higher the wage and …

. We solve (i) for the Markov perfect equilibria with no commitment, under the assumption that the union chooses wages each … entire (infinite) sequence of wages. We conclude that the speed of adjustment of employment, that is higher in the … employment and wages only in the no-commitment case, i.e., the higher the relevance of adjustment costs the higher the wage and …