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Prices, Productivity, and Wage Bargaining in Open Economies
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
2008 (English)Report (Other academic)
Abstract [en]

According to the standard union bargaining model, unemployment benefits should have big effects on wages, but product market prices and productivity should play no role in the wage bargain. We formulate an alternative strategic bargaining model, where labour and product market conditions together determine wages. A wage equation is derived and estimated on aggregate data for the Nordic countries. Wages are found to depend on unemployment and the replacement ratio, but also on productivity, international prices and exchange rates. There is evidence of considerable nominal wage rigidity. Exchange rate changes have large and persistent effects on competitiveness.

Place, publisher, year, edition, pages
Uppsala: Department of Economics, Uppsala University , 2008. , 32 p.
Series
Working paper / Department of Economics, Uppsala University (Online), ISSN 1653-6975 ; 2005:18
National Category
Economics
Identifiers
URN: urn:nbn:se:uu:diva-211538OAI: oai:DiVA.org:uu-211538DiVA: diva2:667310
Note

This is a revised version of "Real and nominal wage adjustment in open economies", Working paper / Department of Economics, Uppsala University (Online), ISSN 1653-6975; 2005:18. (http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-79328)

Available from: 2013-11-26 Created: 2013-11-26 Last updated: 2013-11-26Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
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  • Other locale
More languages
Output format
  • html
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