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The main focus of the “wage bargaining” literature has been on the factors promoting real wage flexibility at the macro level. This paper, in contrast, examines the microeconomic issues of wage bargaining. More specifically, this paper appraises the following questions: (a) what are the conditions under which a firm prefers decentralized to centralized bargaining?, (b) what are the characteristic features of firms which prefer decentralized to centralized bargaining?, and (c) has the proportion of firms which prefer decentralized bargaining increased over time? These questions are examined in an efficiency wage model with insider-outsider features. This paper provides useful theoretical insights for understanding the issues involved in shifting from centralized to decentralized wage bargaining.

Labor --- Macroeconomics --- Wages, Compensation, and Labor Costs: General --- Wages, Compensation, and Labor Costs: Public Policy --- Labor Economics: General --- Labour --- income economics --- Wages --- Wage bargaining --- Real wages --- Wage adjustments --- Labor economics --- Sweden

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A standard open-economy model is used to show that price stabilization programs are more likely to succeed if labor contracts specify forward-looking wage indexation. Compared with contracts specifying backward-looking wage indexation or wages based on static expectations, such contracts will result in a greater reduction in inflation with lower output costs, smaller misalignment of real wages, smaller outflows of reserves, smaller disruptions caused by policy announcements, and a reduced impact of some shocks during price stabilization programs. These results are generally true whether or not capital is mobile and whether or not expectations are rational.

Foreign Exchange --- Inflation --- Labor --- Macroeconomics --- Price Level --- Deflation --- Wages, Compensation, and Labor Costs: Public Policy --- Wages, Compensation, and Labor Costs: General --- Labour --- income economics --- Currency --- Foreign exchange --- Wage indexation --- Real wages --- Wages --- Exchange rates --- Prices --- Price stabilization --- Colombia

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This Selected Issues paper examines Netherlands’ experience with macroeconomic and structural reforms. The reforms, which were introduced gradually and in a consultative manner, were comprehensive in their coverage. They included a credible monetary policy, based on a tight link to the deutsche mark; expenditure-based fiscal consolidation, which allowed reduction of the tax burden as well as the fiscal deficit; and measures to stimulate both the supply and the demand side of the labor market. The labor market and associated social security reforms focused on measures to strengthen labor supply as well as labor demand.

Labor --- Wages, Compensation, and Labor Costs: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Demand and Supply of Labor: General --- Labour --- income economics --- Labor markets --- Labor share --- Real wages --- Economic theory --- Labor market --- Netherlands, The

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How was life in 1820, and how has it improved since then? What are the long-term trends in global well-being? Views on social progress since the Industrial Revolution are largely based on historical national accounting in the tradition of Kuznets and Maddison. But trends in real GDP per capita may not fully re­flect changes in other dimensions of well-being such as life expectancy, education, personal security or gender inequality. Looking at these indicators usually reveals a more equal world than the picture given by incomes alone, but has this always been the case? The new report How Was Life? aims to fill this gap. It presents the first systematic evidence on long-term trends in global well-being since 1820 for 25 major countries and 8 regions in the world covering more than 80% of the world’s population. It not only shows the data but also discusses the underlying sources and their limitations, pays attention to country averages and inequality, and pinpoints avenues for further research.The How Was Life? report is the product of collaboration between the OECD, the OECD Development Centre and the CLIO-INFRA project. It represents the culmination of work by a group of economic historians to systematically chart long-term changes in the dimensions of global well-being and inequality, making use of the most recent research carried out within the discipline. The historical evidence reviewed in the report is organised around 10 different dimensions of well-being that mirror those used by the OECD in its well-being report How’s Life? (www.oecd.org/howslife), and draw on the best sources and expertise currently available for historical perspectives in this field. These dimensions are:per capita GDP, real wages, educational attainment, life expectancy, height, personal security, political institutions, environmental quality, income inequality and gender inequality.

Health Care --- Quality Indicators, Health Care --- statistics and numerical data [Subheading] --- Sociology Research --- Population --- Quality of Life --- History --- HN 25 - Statistics. Social indicators. Quality of life --- REAL WAGES -- 330.4 --- EDUCATION -- 330.4 --- LIFE EXPECTANCY -- 330.4 --- INCOME INEQUALITY -- 330.4 --- ENVIRONMENTAL QUALITY -- 330.4 --- GENDER INEQUALITY -- 330.4 --- LONG-TERM TRENDS IN GLOBAL WELL-BEING -- 330.4

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For a sample of US industries, nominal wage and price inflation follow aggregate price inflation closely during economic expansions. Hence, fluctuations in profit markup and real output are moderate in the face of expansionary demand shocks. During recessions, however, industrial nominal wage deflation exceeds that of the aggregate price level. This is in contras to producers’ attempt to maintain, or even increase, industrial real price inflation during recessions. Consistently, the increase in the profit markup is correlated with an increase in output contraction and a reduction in workers’ real standard of living during recessions.

Inflation --- Labor --- Macroeconomics --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Wages, Compensation, and Labor Costs: General --- Price Level --- Deflation --- Wages, Compensation, and Labor Costs: Public Policy --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- Labour --- income economics --- Economic growth --- Wages --- Real wages --- Business cycles --- Wage indexation --- Prices --- Cost of living --- Cost and standard of living --- United States