Essays on Wage Bargaining in Dynamic Macroeconomics

Beschreibung

This book addresses collective bargaining in an intertemporal monetary macroeconomy of the aggregate supply–aggregate demand (AS–AD) type with overlapping generations of consumers and with a public sector. The results are presented in a unified framework with a commodity market that clears competitively. By analyzing the implications of three variants of collective bargaining – efficient bargaining in a uniform and a segmented labor market and “right-to-manage” wage bargaining – it identifies the quantity of money, price expectations, union power, and union size as the determinants of temporary equilibria. In the three scenarios, it characterizes and compares the temporary equilibria using both analytical and numerical techniques, with an emphasis on allocations, welfare, and efficiency. It also discusses the dynamic evolution under rational expectations and its steady states in nominal and real terms. Lastly, it demonstrates conditions for stability regarding a balanced monetaryexpansion of the economy.
This book addresses collective bargaining in an intertemporal monetary macroeconomy of the aggregate supply–aggregate demand (AS–AD) type with overlapping generations of consumers and with a public sector. The results are presented in a unified framework with a commodity market that clears competitively. By analyzing the implications of three variants of collective bargaining – efficient bargaining in a uniform and a segmented labor market and “right-to-manage” wage bargaining – it identifies the quantity of money, price expectations, union power, and union size as the determinants of temporary equilibria. In the three scenarios, it characterizes and compares the temporary equilibria using both analytical and numerical techniques, with an emphasis on allocations, welfare, and efficiency. It also discusses the dynamic evolution under rational expectations and its steady states in nominal and real terms. Lastly, it demonstrates conditions for stability regarding a balanced monetary expansion of the economy.
Embeds three variants of collective bargaining into a unified monetary macroeconomic framework Provides full characterization of temporary equilibria under bargaining Analyzes perfect-foresight dynamics in both nominal and real terms Shows conditions for stability regarding a balanced monetary expansion Uses analytical and numerical techniques

Autor*in

Oliver Claas

Themen in »Essays on Wage Bargaining in Dynamic Macroeconomics«

Efficient bargaining Right-to-manage wage bargaining Nash bargaining Segmented labor markets Wage differentiation Union power Perfect-foresight dynamics Balanced monetary paths

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“The impact of collective bargaining require an analysis of the interacting markets on macroeconomic level. This macroeconomic effects are studied in this book. Oliver Claas has been written a truly exceptional, inspiring and beautiful masterpiece.” (Rózsa Horváth-Bokor, zbMATH 1494.91001, 2022)
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