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Wage Inflation, Unionization, and Monopoly Power

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  • Garman, David M
  • Richards, Daniel J

Abstract

This paper uses panel data from 301 four-digit manufacturing industries over the years 1959 to 1980 to examine how market structure affects the wage response to aggregate demand disturbances. The authors use a new classical macroeconomic framework in which such shocks are identified with the unexpected component of money growth. They find that product market power does not affect the response of wages to such shocks, but that unionization does. To be specific, greater unionization leads to a faster wage response. They also find that wages rise equiproportionately with expected money growth, i.e., expected money is neutral. Copyright 1990 by Blackwell Publishing Ltd.

Suggested Citation

  • Garman, David M & Richards, Daniel J, 1990. "Wage Inflation, Unionization, and Monopoly Power," Journal of Industrial Economics, Wiley Blackwell, vol. 38(3), pages 269-281, March.
    • Handle: RePEc:bla:jindec:v:38:y:1990:i:3:p:269-81
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    Cited by:

    1. Alberto Bucci & Fabio Fiorillo & Stefano Staffolani, 2003. "Can Market Power Influence Employment, Wage Inequality and Growth?," Metroeconomica, Wiley Blackwell, vol. 54(2‐3), pages 129-160, May.
    2. Richard Volpe, 2014. "Supercenters, Unionized Labor, and Performance in Food Retail," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 53(2), pages 325-355, April.
    3. Donald Haurin & David Brasington, 1996. "The Impact of School Quality on Real House Prices: Interjurisdictional Effects," Working Papers 010, Ohio State University, Department of Economics.

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