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| Author: | Holden, S. |
| Title: | Wage drift and the relevance of centralized wage setting |
| Journal: | Scandinavian Journal of Economics
1998 : VOL. 100:4, p. 711-732 |
| Index terms: | SCANDINAVIA PAY ECONOMICS |
| Language: | eng |
| Abstract: | The system of wage setting in the Nordic countries is often regarded as highly centralised, contributing to considerable real wage flexibility. This view has been questioned, as sizable wage drift may offset the effect of central negotiations. This paper presents evidence from the four major Nordic countries, suggesting that there is little or no such offsetting effect. Yet, at central negotiations, the institutional system of wage formation may induce nominal rifidities that may prevent wage restraint when there is little room for money wage growth. |
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