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Bargaining, Capital Formation and Unemployment: A Putty-Clay Approach

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Author Info

  • Forslund, A, Lindh, T.

Abstract

Swedish unemployment was very low up to the early 1990s when it rose rapidly. Theoretically, decentralisation of wage bargaining in the 1980s might have allowed low-productivity firms to survive or increased wage mark-ups, making employment more sensitive to shocks. In Swedish plant-level data for manufacturing 1968-1992 relatively less employment is in low-productivity plants after decentralisation than before, but a positive correlation emerges between industry wage costs and productivity. A putty-clay model with bargaining explains a puzzling desynchronisation between real wage and productivity growth and indicates the decentralisation might have increased the wage mark-up.

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Bibliographic Info

Paper provided by Uppsala - Working Paper Series in its series Papers with number 1997-18.

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Length: 22 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:fth:uppaal:1997-18

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Postal: UPPSALA UNIVERSITY, DEPARTMENT OF ECONOMICS, S-751 20 UPPSALA SWEDEN.
Phone: + 46 18 471 25 00
Fax: + 46 18 471 14 78
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Web page: http://www.nek.uu.se/
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Keywords: UNEMPLOYMENT ; BARGAINING ; PRODUCTION;

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Cited by:
  1. van den Berg, Gerard J, 2003. "Multiple Equilibria and Minimum Wages in Labour Markets with Informational Frictions and Heterogenous Production Technologies," CEPR Discussion Papers 3977, C.E.P.R. Discussion Papers.

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