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Inflation Uncertainty and Contract Duration

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  • Vroman, Susan B

Abstract

This study examines the determinants of the duration of U.S. union contracts using a longitudinal contract data base. Support is found for the hypotheses that (1) inflation uncertainty reduces contract length and that (2) greater contracting costs, as proxied by a strike variable and by previous duration, increase contract length. In addition, contract duration is found to be greater for indexed contracts, to be procyclical, and to have increased over the sample period. Copyright 1989 by MIT Press.

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Bibliographic Info

Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 71 (1989)
Issue (Month): 4 (November)
Pages: 677-81

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Handle: RePEc:tpr:restat:v:71:y:1989:i:4:p:677-81

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Web page: http://mitpress.mit.edu/journals/

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Cited by:
  1. Danziger, Leif, 2008. "Extension of labor contracts and optimal backpay," Labour Economics, Elsevier, Elsevier, vol. 15(1), pages 18-36, February.
  2. Andersen, Torben M., 2002. "Nominal rigidities and the optimal rate of inflation," European Journal of Political Economy, Elsevier, Elsevier, vol. 18(2), pages 375-389, June.
  3. Robert Rich & Joseph Song & Joseph Tracy, 2012. "The measurement and behavior of uncertainty: evidence from the ECB Survey of Professional Forecasters," Staff Reports, Federal Reserve Bank of New York 588, Federal Reserve Bank of New York.
  4. Robert Rich & Joseph Tracy, 2004. "Uncertainty and Labor Contract Durations," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 86(1), pages 270-287, February.
  5. Mohamed Ben Halima, 2005. "The determinants for labour contract length A French micro-econometric study," Post-Print, HAL halshs-00180067, HAL.
  6. Christofides, Louis N. & Peng, Chen, 2006. "Contract duration and indexation in a period of real and nominal uncertainty," Labour Economics, Elsevier, Elsevier, vol. 13(1), pages 61-86, February.
  7. Louis Christofides & Chen Peng, 2006. "Major Provisions of Labour Contracts and their Theoretical Coherence," CESifo Working Paper Series, CESifo Group Munich 1700, CESifo Group Munich.
  8. Robert Rich & Joseph Tracy, 2011. "Early contract renegotiation: An analysis of U.S. labor contracts from 1970 to 1995," Staff Reports, Federal Reserve Bank of New York 521, Federal Reserve Bank of New York.
  9. Peter Cramton & Hamid Mehran & Joseph Tracy, 2010. "Bargaining with a Shared Interest: The Impact of Employee Stock Ownership Plans on Labor Disputes," Papers of Peter Cramton, University of Maryland, Department of Economics - Peter Cramton 98wpesop, University of Maryland, Department of Economics - Peter Cramton, revised Jun 2010.
  10. Danziger, Leif & Neuman, Shoshana, 2003. "Delays in Renewal of Labor Contracts: Theory and Evidence," IZA Discussion Papers 709, Institute for the Study of Labor (IZA).
  11. Murphy, Kevin J., 2000. "What effect does uncertainty have on the length of labor contracts?," Labour Economics, Elsevier, Elsevier, vol. 7(2), pages 181-201, March.
  12. Devereux, Michael B. & Yetman, James, 2010. "Price adjustment and exchange rate pass-through," Journal of International Money and Finance, Elsevier, Elsevier, vol. 29(1), pages 181-200, February.
  13. López-Bayón, Susana & González-Díaz, Manuel, 2010. "Indefinite contract duration: Evidence from electronics subcontracting," International Review of Law and Economics, Elsevier, Elsevier, vol. 30(2), pages 145-159, June.
  14. Kanago, Bryce, 1998. "The Relation between Contract Duration and Inflation Uncertainty: Further Evidence," Journal of Macroeconomics, Elsevier, Elsevier, vol. 20(4), pages 811-819, October.
  15. Andersen, Torben M. & Stampe Christensen, Morten, 2002. "Contract renewal under uncertainty," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 26(4), pages 637-652, April.
  16. Barcena-Ruiz, Juan Carlos & Campo, Maria Luz, 2000. "Short-term or long-term labor contracts," Labour Economics, Elsevier, Elsevier, vol. 7(3), pages 249-260, May.
  17. Dan Protopopescu, 2009. "Dynamic Stackelberg Game with Risk-Averse Players: Optimal Risk-Sharing under Asymmetric Information," UFAE and IAE Working Papers, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) 797.09, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).

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