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Efficient Labour Contracts: Impediments and How to Circumvent Them

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  • Peter Winker

Abstract

Efficient labour contracts on wages and employment could contribute to a reduction in unemployment in Europe. Their implementation is hindered by institutional settings and asymmetric incentives at different levels of the bargaining process. Employed workers have no incentives to forego wage increases at the firm level for potential employment gains, while employers' federations possess no means to guarantee an employment increase for the sector covered by a wage agreement. Decentralization of wage bargaining does not solve this incentive problem. It is demonstrated that the introduction of marketable certificates may reduce the asymmetric incentive effects enabling contracts with higher employment. Copyright Fondazione Giacomo Brodolini and Blackwell Publishers Ltd 2000.

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  • Peter Winker, 2000. "Efficient Labour Contracts: Impediments and How to Circumvent Them," LABOUR, CEIS, vol. 14(3), pages 373-392, September.
  • Handle: RePEc:bla:labour:v:14:y:2000:i:3:p:373-392
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    References listed on IDEAS

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    1. Hashem Pesaran & Davide Pettenuzzo & Allan Timmermann, 2007. "Learning, Structural Instability, and Present Value Calculations," Econometric Reviews, Taylor & Francis Journals, vol. 26(2-4), pages 253-288.
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    Cited by:

    1. Akyol, Metin & Neugart, Michael & Pichler, Stefan, 2015. "A tradable employment quota," Labour Economics, Elsevier, vol. 36(C), pages 48-63.

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