Using firm-level panel data, this paper argues that increases in a firm's market share or a rise in the industry concentration ratio both serve to increase wages. On these estimates, actual changes in the 'product market power' variables could have generated a wage gap of up to 13.5 per cent...

The aim of this paper is to study the effects of product market competition on the explicit compensationpackages that firms offer to their executives. In order to measure the net effect of competition we use twodifferent identification strategies. The first exploits cross sectoral variation in...

This paper reports the results of one part of a research project designed to investigate the nature and extent of the impact of the labour legislation enacted between 1980 and 1990 on the conduct of industrial relations and the processes by which this has come about. Interviews were carried out...

The paper attempts to evaluate three of the central themes in recent economic policy towards the labour market. It is critical of the idea that pay should be linked to company performance; it does not find evidence that the 1980s witnessed a renaissance of self-employment; it concludes that there...

We specify an empirical model of labour supply that is consistent with on the job search, which is identified and estimated by combining two data sets: The UK Family Expenditure Survey, which contains information on income and expenditure and the UK Labour Force Survey, which has data on hours...

This paper studies the dynamics of labour demand and the determinants of employment rates across the OECD. We find: (i) labour demand adjusts less rapidly when employment protection is more strict and union density is higher; (ii) there is no evidence that overall job turnover is influenced by...

When government policy is subjected to a balanced budget constraint or a current account constraint, total income of the workers is independent of the employment policy. An employment policy distributes income more evenly, and may lead to a union with strong preferences for equality to raise its...

This paper focuses on an estimation of the NARU in the Japanese economy between 1953 and 1985. The estimation of the NARU consists of two stages. The first regression is to obtain a wage equation which has demand and supply conditions in the labour market, and inflationary expectations as the...

This paper studies cross-country patterns of economic growth from the viewpoint of income distribution dynamics. Such a perspective raises new empirical and theoretical issues in growth analysis: the profound empirical regularity is an "emerging twin peaks" in the cross-sectional distribution,...

The paper investigates the impact of financial integration on asset return, risk diversification and breadth of financial markets. We analyse a three-country macroeconomic model in which (i) the number of financial assets is endogenous; (ii) assets are imperfect substitutes; (iii) cross-border...