haku: @author Richards, D. J. / yhteensä: 2
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| Tekijä: | Garman, D. M. Richards, D. J. |
| Otsikko: | Wage inflation, unionization, and monopoly power. |
| Lehti: | Journal of Industrial Economics
1990 : MAR, VOL. 38:3, p. 269-281 |
| Asiasana: | MANUFACTURING INDUSTRY MARKET STRUCTURE PAY TRADE UNIONS MONOPOLIES |
| Kieli: | eng |
| Tiivistelmä: | Empirical evidence is offered on the link between the response of wages to aggregate demand disturbances, on the one hand, and industry structural characteristics, on the other. Panel data from 301 four-digit manufacturing industries over the years 1959-80 are used to examine how market structure affects the wage response to these disturbances. A new classical macroeconomic framework is presented in which such shocks are identified with the unexpected component of money growth. It was found that product market power does not affect the response of wages to such shocks but that unionization does. It was also found that wages rise equiproportionately with expected money growth, i.e. expected money is neutral. |
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