Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. European I Department.
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| ISBN: | 1451901526
9781451901528
1462383181
9781462383184
1452784515
9781452784519
1282056662
9781282056664
9786613798619
6613798614
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| Notes: | Includes bibliographical references (pages 25-26).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | This paper addresses two questions. First, under what circumstances will a centralized wage-bargaining system offer higher output and employment than a decentralized system? Second, what is the relationship between the degree of wage centralization and inflation? The paper argues that centralized wage setting may offer worse outcomes, despite the existence of a negative coordination externality in decentralized wage setting. This is more likely to occur when the legal and institutional environment strengthens the bargaining position of the union in the centralized regime compared with unions operating in a more decentralized regime. Furthermore, as product markets become more competitive, the macroeconomic outcomes in both regimes converge, and the degree of wage centralization becomes irrelevant.
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| Other form: | Print version: McHugh, James. Wage centralization, union bargaining, and macroeconomic performance. [Washington, D.C.] : International Monetary Fund, ©2002
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| Standard no.: | 10.5089/9781451901528.001
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