Essays on Wage Bargaining in Dynamic Macroeconomics

by Oliver Claas

Overview

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.

Product Details

ISBN-13:	9783319978277
Publisher:	Springer International Publishing
Publication date:	11/20/2019
Series:	Lecture Notes in Economics and Mathematical Systems , #689
Edition description:	1st ed. 2019
Pages:	153
Product dimensions:	6.10(w) x 9.25(h) x (d)

About the Author

Oliver Claas is a researcher at Bielefeld University’s Center for Mathematical Economics (IMW). He holds a Ph.D. in Economic Theory from Bielefeld University, a Master of Science in Economics from Purdue University, and a Diplom (Master's equiv.) in Mathematical Economics from Bielefeld University. His research interests include macroeconomics, labor economics, and the theory of dynamical systems, using both analytical and numerical methods.

Table of Contents

Introduction.- Efficient Bargaining in a Dynamic Macroeconomic Model.- Wage Bargaining, Employment, and Union Power: The Right-to-Manage Approach.- Efficient Bargaining Under Labor Market Segmentation in a Macroeconomic Model.

Editorial Reviews

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)

From the Publisher