Rent-Sharing and Wages: Evidence form Company and Establishment Panels
AbstractA central question in labor economics and macroeconomics is whether the textbook competitive model provides an adequate representation of the labor market. Using longitudinal data on companies and establishments, this article suggests that it may not. As predicted by rent-sharing models of the labor market, changes in profitability are shown to feed through into long-run changes in wages. These are not temporary wage effects and are not driven by the unionized workplaces in the data. The article's estimates imply that, for rent-sharing reasons alone, Richard A. Lester's (1952) 'range' of wages is approximately 16 percent. Copyright 1997 by University of Chicago Press.
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Bibliographic InfoPaper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 99154.
Length: 34 pages
Date of creation: 1993
Date of revision:
labour market ; wages;
Other versions of this item:
- Hildreth, Andrew K G & Oswald, Andrew J, 1997. "Rent-Sharing and Wages: Evidence from Company and Establishment Panels," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 15(2), pages 318-37, April.
- Andrew K.G. Hildreth and Andrew J. Oswald, . "Rent-Sharing and Wages: Evidence from Company and Establishment Panels," Economics Discussion Papers, University of Essex, Department of Economics 425, University of Essex, Department of Economics.
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