Trade Union Objectives and the Cyclical Variability of Wages and Employment
The purpose of this paper is to investigate whether a simple monopoly union model of wage and employment determination is consistent with the cyclical movements of wages and employment observed in the Finnish manufacturing and mining sector. Estimation of the two-equation model implies that considerably less weight is placed on the variability of employment relative to that of wages in the union's objective function. The findings are consistent with the observed cyclical inflexibility of real wages relative to employment. However, because the data fail to accept certain parameter restrictions embodied in the different model specifications, the study raises doubts about the adequacy of the simple monopoly union model to explain the data generation process. Copyright 1990 by The editors of the Scandinavian Journal of Economics.
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Volume (Year): 92 (1990)
Issue (Month): 4 ()
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