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Wages --- Labor costs

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The theoretical literature has argued that a centralized wage bargaining system may result in low regional wage differentiation and high regional unemployment differentials. The empirical literature has found that centralized wage bargaining leads to lower wage inequality for different skills, industries and population groups, but has not investigated its impact on regional wage differentiation. Empirical evidence in this paper for EU regions for the period 1980-2000 suggests that countries with more coordinated wage bargaining systems have lower regional wage differentials, after controlling for regional productivity and unemployment differentials.

Wages --- Wage bargaining. --- Collective bargaining --- Regional economic disparities --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Income --- Labor costs --- Compensation management --- Cost and standard of living --- Prices --- Regional disparities. --- Labor --- Production and Operations Management --- Wages, Compensation, and Labor Costs: Public Policy --- Wages, Compensation, and Labor Costs: General --- Unemployment: Models, Duration, Incidence, and Job Search --- Macroeconomics: Production --- Labour --- income economics --- Macroeconomics --- Wage bargaining --- Unemployment --- Productivity --- Unemployment rate --- Industrial productivity --- Italy

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This paper analyzes wage- and price-setting relations in new EU member countries. Panel estimates indicate a strong and significant relationship between real wages and labor productivity, as well as evidence of wage pass-through to inflation. Terms of trade shocks do not feed through to real wages. Country-specific wage developments, beyond differences in labor productivity growth, are mostly explained by real wage catch-up from different initial levels and different labor market conditions. Qualitative evidence also suggests that public sector wage demonstration effects and institutional factors may play a role in wage determination.

Wages --- Prices --- Econometric models. --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Willingness to pay --- Income --- Labor costs --- Compensation management --- Labor --- Production and Operations Management --- Wages, Compensation, and Labor Costs: General --- Demand and Supply of Labor: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Labour --- income economics --- Macroeconomics --- Real wages --- Labor markets --- Labor productivity --- Labor market --- Romania

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This Selected Issues paper discusses the impact of global financial turmoil on Japan. It describes how close integration in global financial markets has deepened and expanded the channels for spillovers. The paper discusses options for increasing the consumption tax to finance the public pension system. It explains that while parametric reforms have reduced fiscal pressures, the basic pension is becoming a less adequate safety net for the retired. The paper also attempts to explain the declining share of labor income.

Banks and Banking --- Labor --- Money and Monetary Policy --- Public Finance --- Production and Operations Management --- Demography --- Wages, Compensation, and Labor Costs: General --- Social Security and Public Pensions --- Nonwage Labor Costs and Benefits --- Private Pensions --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Labour --- income economics --- Pensions --- Banking --- Macroeconomics --- Monetary economics --- Finance --- Labor share --- Pension spending --- Expenditure --- Economic theory --- Banks and banking --- Industrial productivity --- Credit --- Japan

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Traditionally, the impacts of the rights of financial institutions and workers on corporate performance have been analyzed independently. Yet, theory clearly indicates that the combination of relative powers of different stakeholders affects a firm overall performance. Using U.S. state level and state-industry level data, we investigate how output growth is affected by bank branch deregulation and employment protection occurring over 1972-1993. We find that financial liberalization positively impact overall state growth but greater workers' rights affects it ambiguously. At the industry level, however, employment protection promotes those industries that are more knowledge intensive, while the effect of financial liberalization does not differ across industries that vary in external financing dependency. The results hold controlling for changes in shareholders' rights, which itself is not significant. The findings suggest that financial liberalization operates mostly through an efficiency channel, better reallocating resources across sectors, while employment protection creates higher incentives and encourages more sector-specific, human capital investments. Overall, the results show that the strength of stakeholders' protection affects performance through efficiency channels and provide support for a stakeholders' view of corporate governance.

Banks and banking --- Working class --- Corporate governance --- Industrial productivity --- State supervision --- Banks and Banking --- Labor --- Macroeconomics --- Labor Contracts --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Wages, Compensation, and Labor Costs: Public Policy --- Labor Economics: General --- Macroeconomics: Production --- Labour --- income economics --- Banking --- Employment protection --- Minimum wages --- Production growth --- Manpower policy --- Minimum wage --- Labor economics --- Production --- Economic theory --- United States