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Essays on Wage Bargaining in Dynamic Macroeconomics

  • Book
  • © 2019

Overview

Authors:
  1. Oliver Claas

    1. Center for Mathematical Economics, Bielefeld University, Bielefeld, Germany

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  • Embeds three variants of collective bargaining into a unified monetary macroeconomic framework
  • Provides full characterization of temporary equilibria under bargaining
  • Analyzes perfect-foresight dynamics in both nominal and real terms
  • Shows conditions for stability regarding a balanced monetary expansion
  • Uses analytical and numerical techniques

Part of the book series: Lecture Notes in Economics and Mathematical Systems (LNE, volume 689)

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Table of contents (4 chapters)

  1. Front Matter

    Pages i-viii
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  2. Introduction

    • Oliver Claas
    Pages 1-7

  3. Efficient Bargaining in a Dynamic Macroeconomic Model

    • Oliver Claas
    Pages 9-66

  4. Wage Bargaining, Employment, and Union Power: The Right-to-Manage Approach

    • Oliver Claas
    Pages 67-108

  5. Efficient Bargaining Under Labor Market Segmentation in a Macroeconomic Model

    • Oliver Claas
    Pages 109-153
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Keywords

About this book

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.

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)

Authors and Affiliations

  • Center for Mathematical Economics, Bielefeld University, Bielefeld, Germany

    Oliver Claas

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.

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