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| Author: | Roberts, M.A. |
| Title: | Central wage setting under multiple technological equilibria: A mechanism for equilibrium elimination |
| Journal: | Scandinavian Journal of Economics
2002 : JUN, VOL. 104:2, p. 301-320 |
| Index terms: | Competition Pay Minimum wage Markets Collective bargaining Economic theory High technology Industries Models |
| Language: | eng |
| Abstract: | Instituting an initial round of centralized wage setting before an alternate round of decentralized wage bargaining may actually raise employment. A general multi-equilibrium model is set up with strategic complementarities in the implementation of a new technology through aggregate demand spillovers. In this model, centralized wage setting to establish an outside option wage, which is selectively binding on low-tech firms, may achieve the big push to a high-tech general equilibrium with higher employment, output, wages and profits. |
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