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Efficiency Wage vs Institutional Hypothesis: A Disaggregated Study on the Wage Determination process of the Greek Industry (1980-1995) Patterns in Neighboring Areas


  • Yannis Panagopoulos

    (Athens Stock Exchange (A.S.E.), Training Center, Athens, Greece)


The aim of this paper is to formulate a disaggregated wage model which will be next applied on twenty different sectors of the Greek industry (for workers and clerks separately). This model is an eclectic one with a particular focus on different types of wage spillover effects (wage relativity). More analytically, it is the product of the combination of the efficiency wage and the institutional theories. The empirical results suggest that the efficiecy wage theory seems to fit better into the labour markets of the Greek industry. Moreover, no sector (or leading group of sectors) ‘sets the tone’ of wage increases during the bargaining process.

Suggested Citation

  • Yannis Panagopoulos, 2000. "Efficiency Wage vs Institutional Hypothesis: A Disaggregated Study on the Wage Determination process of the Greek Industry (1980-1995) Patterns in Neighboring Areas," Ekonomia, Cyprus Economic Society and University of Cyprus, vol. 4(1), pages 19-54, Summer.
  • Handle: RePEc:ekn:ekonom:v:4:y:2000:i:1:p:19-54

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    JEL classification:

    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts


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