000			02428cam a22003137 4500
001			w0306
003			NBER
005			20211020115515.0
006			m o d
007			cr cnu||||||||
008			210910s1978 mau fo 000 0 eng d
100	1		_aHall, Robert E. _912261
245	1	0	_aEfficient Wage Bargains Under Uncertain Supply and Demand / _cRobert E. Hall, David M. Lilien.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1978.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w0306
500			_aDecember 1978.
520	3		_aMuch recent thought has been devoted to the macroeconomic importance of the existence of wage contracts. Still, some puzzling features of the most conspicuous form of wage bargaining, that done formally by employers and labor unions, deserve further theoretical attention. Among these important features are: 1. Collective bargaining agreements are rarely contingent on outside events even though the parties have very imperfect knowledge of prospective economic conditions during the period of the contract. The only important exception is the indexing of wages to the cost of living. 2. Employers are permitted wide discretion in determining the level of employment when demand shifts unexpectedly. As employment varies, total compensation varies according to a formula established in the agreement. 3. Agreements are not permanent but are renegotiated on a regular cycle. 4. In the process of renegotiation, the current state of demand has little impact on the new wage schedule. On the other hand, current wages in other industries have an important influence. This feature especially has been denied or ignored by economic theorists even though it is a prominent part of the thinking of labor economists on wage determination.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
700	1		_aLilien, David M.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w0306.
856	4	0	_uhttps://www.nber.org/papers/w0306
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w0306
942			_2ddc _cW-PAPER
999			_c348321 _d306883