In oligopsonistic labour markets, firms have some market power, and a wedge is created between wages and marginal … different institutions can affect this inefficiency. Industry-level minimum wages can remove the training inefficiency and … of training intensity. Second, firmspecific unions, through raising relative wages and reducing turnover, can increase …

In oligopsonistic labour markets, firms have some market power, and a wedge is created between wages and marginal … different institutions can affect this inefficiency. Industry-level minimum wages can remove the training inefficiency and … of training intensity. Second, firmspecific unions, through raising relative wages and reducing turnover, can increase …

. 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 …