Year: 1994
Author: Franz, Wolfgang, Smolny, Werner
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 114 (1994), Iss. 4 : pp. 507–529
Abstract
The topic of this paper is a unified framework of sectoral wage and price determination. The theoretical framework is formulated in an extended way which nests several but not mutually exclusive hypotheses of wage and price formation respectively. As a result, an augmented Phillips curve wage model and the mark up price hypothesis are useful concepts for the aggregate and the sectoral wage and price setting. Sectoral wages are influenced by aggregate variables such as the unemployment rate and the rate of capital utilization. The case of strong hysteresis can be rejected in favor of persistence. Finally, workers were, by and large, only partly compensated for the shortened work week.
Journal Article Details
Publisher Name: Global Science Press
Language: Multiple languages
DOI: https://doi.org/10.3790/schm.114.4.507
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 114 (1994), Iss. 4 : pp. 507–529
Published online: 1994-04
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 23
Author Details
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