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Victor Montuenga - One of the best experts on this subject based on the ideXlab platform.

  • regional disparities in the unemployment rate the role of the Wage Setting mechanism in spain 1987 92
    Regional Studies, 2007
    Co-Authors: Roberto Bande, Melchor Fernandez Fernandez, Victor Montuenga
    Abstract:

    Bande R., Fernandez M. and Montuenga V. M. (2007) Regional disparities in the unemployment rate: the role of the Wage-Setting mechanism in Spain, 1987–92, Regional Studies 41, –. The aim of this paper is to show how regional unemployment disparities in Spain widen during economic upturns and to provide an explanation of this behaviour. The analysis is based on the study of the Wage-Setting mechanism that allows an estimation of the responses of Wages to both labour productivity and the general situation of the labour market, and an assessment of their impact on the evolution of regional unemployment. The results of this estimation at the regional level with manufacturing data confirm the existence of marked differences between industries and between regions these responses. These differences can be interpreted as a distinctive Wage-Setting mechanism across industries and regions, which may explain the evolution of unemployment rates within the regional labour markets. Bande R., Fernandez M. et Montuenga V...

  • Regional Disparities in the Unemployment Rate: The Role of the Wage-Setting Mechanism in Spain, 1987–92
    Regional Studies, 2007
    Co-Authors: Roberto Bande, Melchor Fernandez Fernandez, Victor Montuenga
    Abstract:

    Bande R., Fernandez M. and Montuenga V. M. (2007) Regional disparities in the unemployment rate: the role of the Wage-Setting mechanism in Spain, 1987–92, Regional Studies 41, –. The aim of this paper is to show how regional unemployment disparities in Spain widen during economic upturns and to provide an explanation of this behaviour. The analysis is based on the study of the Wage-Setting mechanism that allows an estimation of the responses of Wages to both labour productivity and the general situation of the labour market, and an assessment of their impact on the evolution of regional unemployment. The results of this estimation at the regional level with manufacturing data confirm the existence of marked differences between industries and between regions these responses. These differences can be interpreted as a distinctive Wage-Setting mechanism across industries and regions, which may explain the evolution of unemployment rates within the regional labour markets. Bande R., Fernandez M. et Montuenga V...

Michael Wallerstein - One of the best experts on this subject based on the ideXlab platform.

  • Wage Setting institutions and pay inequality in advanced industrial societies
    American Journal of Political Science, 1999
    Co-Authors: Michael Wallerstein
    Abstract:

    The distribution of pay differs significantly across countries and over time among advanced industrial societies. In this paper, institutional and political determinants of pay inequality are studied in sixteen countries from 1980 to 1992. The most important factor in explaining pay dispersion is the level of Wage-Setting, i.e., whether Wages are set at the level of the individual, the plant, the industry, or the entire private sector. The impact of centralization is the same whether centralization occurs via collective bargaining or via government involvement in private-sector Wage-Setting. The concentration of unions and the share of the labor force covered by collective bargaining agreements also matter. After controlling for Wage-Setting institutions, other variables such as the governing coalition, the size of government, international openness, and the supply of highly educated workers have little impact. Economic, political, and norm-based explanations for the association of centralization with egalitarian outcomes are discussed.

  • unions employers associations and Wage Setting institutions in northern and central europe 1950 1992
    Industrial and Labor Relations Review, 1997
    Co-Authors: Michael Wallerstein, Miriam A Golden, Peter Lange
    Abstract:

    The eight countries examined in this study—Austria, Belgium, Denmark, Finland, Germany, the Netherlands, Norway, and Sweden—have long been viewed as exemplifying “corporatist†industrial relations systems, in which union coverage is high, unions are influential and commonly have strong ties to political parties, and collective bargaining is institutionalized and relatively centralized. Many observers have recently argued that such corporatist bargaining institutions are everywhere being undermined by changes in the global economy. The authors, using data from a wide variety of primary and secondary sources, test whether changes in patterns of Wage-Setting in the private sector are consistent with that claim. Although they find some signs that corporatist Wage-Setting institutions are in decline, they also find offSetting signs of the resiliency of such institutions. Overall, the evidence does not indicate that Wage-Setting in the private sector is undergoing a general process of decentralization in these eight countries.

  • Unions, Employers' Associations, and Wage-Setting Institutions in Northern and Central Europe, 1950–1992
    Industrial and Labor Relations Review, 1997
    Co-Authors: Michael Wallerstein, Miriam A Golden, Peter Lange
    Abstract:

    The eight countries examined in this study—Austria, Belgium, Denmark, Finland, Germany, the Netherlands, Norway, and Sweden—have long been viewed as exemplifying “corporatist†industrial relations systems, in which union coverage is high, unions are influential and commonly have strong ties to political parties, and collective bargaining is institutionalized and relatively centralized. Many observers have recently argued that such corporatist bargaining institutions are everywhere being undermined by changes in the global economy. The authors, using data from a wide variety of primary and secondary sources, test whether changes in patterns of Wage-Setting in the private sector are consistent with that claim. Although they find some signs that corporatist Wage-Setting institutions are in decline, they also find offSetting signs of the resiliency of such institutions. Overall, the evidence does not indicate that Wage-Setting in the private sector is undergoing a general process of decentralization in these eight countries.

Roberto Bande - One of the best experts on this subject based on the ideXlab platform.

  • regional disparities in the unemployment rate the role of the Wage Setting mechanism in spain 1987 92
    Regional Studies, 2007
    Co-Authors: Roberto Bande, Melchor Fernandez Fernandez, Victor Montuenga
    Abstract:

    Bande R., Fernandez M. and Montuenga V. M. (2007) Regional disparities in the unemployment rate: the role of the Wage-Setting mechanism in Spain, 1987–92, Regional Studies 41, –. The aim of this paper is to show how regional unemployment disparities in Spain widen during economic upturns and to provide an explanation of this behaviour. The analysis is based on the study of the Wage-Setting mechanism that allows an estimation of the responses of Wages to both labour productivity and the general situation of the labour market, and an assessment of their impact on the evolution of regional unemployment. The results of this estimation at the regional level with manufacturing data confirm the existence of marked differences between industries and between regions these responses. These differences can be interpreted as a distinctive Wage-Setting mechanism across industries and regions, which may explain the evolution of unemployment rates within the regional labour markets. Bande R., Fernandez M. et Montuenga V...

  • Regional Disparities in the Unemployment Rate: The Role of the Wage-Setting Mechanism in Spain, 1987–92
    Regional Studies, 2007
    Co-Authors: Roberto Bande, Melchor Fernandez Fernandez, Victor Montuenga
    Abstract:

    Bande R., Fernandez M. and Montuenga V. M. (2007) Regional disparities in the unemployment rate: the role of the Wage-Setting mechanism in Spain, 1987–92, Regional Studies 41, –. The aim of this paper is to show how regional unemployment disparities in Spain widen during economic upturns and to provide an explanation of this behaviour. The analysis is based on the study of the Wage-Setting mechanism that allows an estimation of the responses of Wages to both labour productivity and the general situation of the labour market, and an assessment of their impact on the evolution of regional unemployment. The results of this estimation at the regional level with manufacturing data confirm the existence of marked differences between industries and between regions these responses. These differences can be interpreted as a distinctive Wage-Setting mechanism across industries and regions, which may explain the evolution of unemployment rates within the regional labour markets. Bande R., Fernandez M. et Montuenga V...

Hector Sala - One of the best experts on this subject based on the ideXlab platform.

  • Wage Setting in the colombian manufacturing industry
    Economics of Transition, 2016
    Co-Authors: Sonia A Agudelo, Hector Sala
    Abstract:

    We show that Wage Setting in the Colombian manufacturing industry is not fundamentally driven by labor productivity in contrast to the standard theoretical prediction. On the contrary, internal institutional arrangements – payroll taxation, the minimum Wage or the price wedge between manufacturing and consumption prices – together with a higher exposure to international trade – connected to the increasing globalization of the Colombian economy – appear as the crucial drivers. These findings lead us to question the political strategy followed to attain cost competitiveness in a context of growing exposure to international trade. Implementation of a true Wage bargaining system is suggested as a critical policy target to prevent the disruptive economic consequences of the current Wage Setting mechanism and help rebalance the trade deficit.

  • ABSTRACT Wage Setting in the Colombian Manufacturing Industry
    2015
    Co-Authors: Hector Sala
    Abstract:

    We show that Wage Setting in the Colombian manufacturing industry is not fundamentally driven by labor productivity in contrast to the standard theoretical prediction. On the contrary, internal institutional arrangements – payroll taxation, the minimum Wage or the price wedge between manufacturing and consumption prices – together with a higher exposure to international trade – connected to the increasing globalization of the Colombian economy – appear as the crucial drivers. These findings lead us to question the political strategy followed to attain cost competitiveness in a context of growing exposure to international trade. Implementation of a true Wage bargaining system is suggested as a critical policy target to prevent the disruptive economic consequences of the current Wage Setting mechanism and help rebalance the trade deficit.

  • Wage Setting in Colombian manufacturing industry: the impact of institutional and trade reforms ∗
    2014
    Co-Authors: Sonia A Agudelo, Hector Sala
    Abstract:

    We show that Wage Setting in the Colombian manufacturing industry is not fundamentally driven by labor productivity as predicted by standard theoretical models. Although efficiency gains have exerted a significant and stable influence on Wages in last decades, internal institutional arrangements —either the minimum Wage or the price wedge between manufacturing and consumption prices— together with a higher exposure to international trade —connected to the increasing globalization of the Colombian economy— appear as the crucial drivers. Moreover, the process of structural reform materialized 1992 onwards has rendered Wages less sensitive to payroll taxation but more to the price wedge. In contrast, the growing exposure to trade has a positive and stable influence on Wages, and there is no evidence of structural change caused by the trade liberalization process. These findings lead us to question the political strategy followed to attain cost competitiveness in a context of growing exposure to international trade. Implementation of a true Wage bargaining system is suggested as a critical policy target to prevent the disruptive economic consequences of the current Wage Setting mechanism and help rebalance the trade deficit.

  • Institutions, capital stock and Wage Setting in Spain
    Applied Economics, 2009
    Co-Authors: Hector Sala
    Abstract:

    This article confronts two distinct perspectives of the labour market: the institutionalist view - highlighting equilibrium and labour market institutions - and the Chain Reaction Theory - emphasizing dynamics and the growth drivers' role in labour market performance. We consider the ratio of public to private capital stock as a growth driver relevant to the labour market; provide different economic rationales for this ratio to exert a negative influence in Wage Setting; and explore its empirical relevance in the context of a Wage Setting curve for Spain comprising the standard variables. There are two main results. First, several institutional variables taken to be critical to explain unemployment in the mainstream literature are not relevant for the Spanish Wage Setting curve. Second, there is a negative and significant influence of the ratio of public to private capital stock, which is robust to different specifications of the Wage Setting equation.

John B Taylor - One of the best experts on this subject based on the ideXlab platform.

  • chapter 15 staggered price and Wage Setting in macroeconomics
    Handbook of Macroeconomics, 1999
    Co-Authors: John B Taylor
    Abstract:

    Abstract This chapter reviews the role of temporary price and Wage rigidities in explaining of the dynamic relationship between money, real output, and inflation. The key properties to be explained are that monetary shocks have persistent, but not permanent, effects on real output, and that the correlation between current output and inflation is positive for leads of inflation and negative for lags of inflation. The paper begins with a short empirical guide to price- and Wage-Setting behavior in market economies. It then compares alternative price- and Wage-Setting theories and argues that staggered contracts models continue to provide the most satisfactory match with the key macroeconomic facts. It then examines the microeconomic foundations of staggered contracts models and reviews some of their extensions and applications. Research in this area has been very active in the 1990s with a remarkable number of studies using, estimating, or testing models of staggered price and Wage Setting. A new generation of econometric models incorporating staggered price and Wage Setting with rational expectations has been built. Researchers have begun to incorporate staggered Wage and price Setting into real business cycle models. Close links have been discovered between the parameters of people's utility functions and the parameters of staggered price- and Wage-Setting equations. There is now a debate about whether standard calibrations of utility functions prevent staggered price models, at least those with frequent price changes, from explaining long persistence of real output. A theme of the paper is that the advent of rational expectations in the 1970s led to models of price and Wage rigidities which were more amenable to empirical testing than earlier models, and this is one reason for the recent controversies and debates. There is much to be discovered from these debates and from the future research they stimulate.

  • staggered price and Wage Setting in macroeconomics
    National Bureau of Economic Research, 1998
    Co-Authors: John B Taylor
    Abstract:

    This paper reviews the role of temporary price and Wage rigidities in explaining the dynamic relationship between money, real output, and inflation. It summarizes microeconomic data on price and Wage Setting behavior, and argues that staggered price and Wage Setting models provide the most satisfactory match with the data. Research in this area has been very active in the 1990's with a remarkable number of studies using, estimating, or testing models of staggered price and Wage Setting. A new generation of econometric models incorporating staggered price and Wage Setting with rational expectations has been built. Researchers have begun to incorporate staggered Wage and price Setting into real business cycle models. Close links have been discovered between the parameters of people's utility functions and the parameters of price and Wage Setting equations. There is now a debate about whether standard calibrations of utility functions prevent staggered price models, at least those with frequent price changes, from explaining long persistence of real output. There is much to be discovered from these debates and from the future research they stimulate.