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The Effects of Shock Size and Type on Labor-Contract Duration

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  • Wallace, Frederick H

Abstract

Empirical studies of the relation between uncertainty and the length of union-firm contracts have focused on the effects of inflation, money-supply, or industry-specific uncertainty. This article describes two extensions of previous work. First, real, aggregate uncertainty arising from oil shocks is incorporated into a contract-duration model. Oil shocks significantly affect contract length in seven of 21 U.S. manufacturing industries. Second, the model is used to test whether the duration of reopenable bargains is positively related to uncertainty associated with large shocks, as has been described in Danziger. The evidence indicates some qualified support for this proposition. Copyright 2001 by University of Chicago Press.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Labor Economics.

Volume (Year): 19 (2001)
Issue (Month): 3 (July)
Pages: 658-81

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Handle: RePEc:ucp:jlabec:v:19:y:2001:i:3:p:658-81

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Cited by:
  1. Louis Christofides & Chen Peng, 2006. "Major Provisions of Labour Contracts and their Theoretical Coherence," CESifo Working Paper Series 1700, CESifo Group Munich.
  2. Robert Rich & Joe Tracy, 2000. "Uncertainty and labor contract durations," Staff Reports 106, Federal Reserve Bank of New York.
  3. Danziger, Leif, 2006. "Extension of Labor Contracts and Optimal Backpay," IZA Discussion Papers 2366, Institute for the Study of Labor (IZA).
  4. Christofides, Louis N. & Peng, Chen, 2006. "Contract duration and indexation in a period of real and nominal uncertainty," Labour Economics, Elsevier, vol. 13(1), pages 61-86, February.
  5. Danziger, Leif, 2010. "Uniform and Nonuniform Staggering of Wage Contracts," IZA Discussion Papers 5023, Institute for the Study of Labor (IZA).

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