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Real Wage Determination and Rent-Sharing in Collective Bargaining Agreements

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  • L Christofides
  • A Oswald

Abstract

The microeconomic forces that influence real wages are not fully understood. This paper studies pay determination using data on approximately 600 labour contracts. It finds that the real wage is an increasing function of past profitability in the employer's industry, and a decreasing function of the level of unemployment in the employer's region. These results are consistent with rent-sharing theories.

Suggested Citation

  • L Christofides & A Oswald, 1991. "Real Wage Determination and Rent-Sharing in Collective Bargaining Agreements," CEP Discussion Papers dp0042, Centre for Economic Performance, LSE.
  • Handle: RePEc:cep:cepdps:dp0042
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