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| Author: | Moghadam, R. Rijckeghem, C. van |
| Title: | Unemployment hysteresis, wage determination, and labor market flexibility: the case of Belgium |
| Journal: | Staff Papers
1995 : DEC, VOL. 42:4, p. 882-893 |
| Index terms: | UNEMPLOYMENT WAGE DETERMINATION BELGIUM |
| Language: | eng |
| Abstract: | This paper examines unemployment hysterisis in the Belgian labor market. It estimates models of wage determination using aggregate and firm-level panel data. The conclusions are: (i) the long-term unemployed do not exert a negative impact on wages; and (ii) the incumbent workers, the "insiders", exercise market power in wage determination, taking greater account of their own interests than those of the unemployed "outsiders"; and (iii) the wage indexation system can cause a downward rigidity in real wages. |
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