"Differences in the development of wage levels and employment between individual economies are often explained by the institutional structuring of national wage rate systems. Clamping down on wage levels leads to higher levels of employment particularly in decentralised but also in centralised...

Company-level pacts for employment are agreements betweenmanagement and the company’s work force that are characterized by concessions from both bargaining partners. Employees agree to company-specific deviations from a collective contract that include negative components like reduced wages or...