Wage Interdependence through Decentralized Bargaining
The idea that sector-specific unions are influenced by the wages obtained by other unions has mainly been used to support the empirical observation that wages are highly correlated among industries. The sources of wage interdependence can mainly be found in unions' preferences, in the nature of technology and in price and demand determination. The presence of externalities and of strategic complementarity among unions leads to suboptimal equilibria, which generates non-desired inflation, unemployment and possibly also trade balance deficit. This enforces the idea that part of current unemployment can be eliminated by improving the cooperation between social actors. Copyright 1994 by Blackwell Publishers Ltd
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Volume (Year): 8 (1994)
Issue (Month): 4 (December)
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