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Institutions and Wage Formation in the New Europe

Edited by Gabriel Fagan, Head, Monetary Policy Research Division, Francesco Paolo Mongelli, Adviser and Julian Morgan, Deputy Head, European Central Bank, Germany
Institutions and Wage Formation in the New Europe addresses the role played by institutions in European wage formation with a focus on EMU and institutional change in labour markets.
Extent: 272 pp
Hardback Price: $146.00 Web: $131.40
Publication Date: 2004
ISBN: 978 1 84376 432 8
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Institutions and Wage Formation in the New Europe addresses the role played by institutions in European wage formation with a focus on EMU and institutional change in labour markets.

Under this general heading there are three broad but distinct themes. The first emphasises the role of institutions in affecting the dispersion of wages across occupational, age, skill, and industry and employment contract categories. The contributors make clear the profound effect that European institutions can have in influencing, and in most cases compressing, such pay differentials with consequent implications for the employment prospects of certain segments of the labour force. The second theme is the explanation for recent wage moderation in Europe. The contributions under this theme stress the role of developments in the bargaining systems of European countries and the presence of a number of temporary or specific factors, which have helped to bring about pay moderation. The final theme is the extent to which institutions are changing within Europe in the light of EMU and the adoption of new business practices.

This book will appeal to academics with an interest in labour markets and EMU issues, and also industrial relations specialists with an interest in institutional topics.
‘This publication provides an overall view of wage-setting systems in Europe, as well as some interesting insights into specific issues such as the reservation wage, the situation of fixed-term contract workers, and wage developments in Germany, Italy and Britain.’
– Emmanuel Mermet and Ronald Janssen, Transfer
Contributors: L. Arozamena, A.L. Booth, P. Casadio, M. Centeno, S. Fabiani, G. Fagan, M. Francesconi, J. Frank, R.B. Freeman, V. Genre, N. Leiner-Killinger, A. Lindbeck, F.P. Mongelli, J. Morgan, A. Mourougane, G. Mourre, R.H. Oostendorp, K. Pichelmann, E.S. Prasad, R.G. Salvador, M.E. Schweitzer, D.J. Snower
Contents: Introduction 1. Is European Wage-setting Different? Evidence from the Occupational Wages Around the World Data File 2. What Determines the Reservation Wages of Unemployed Workers? New Evidence from German Micro Data 3. Labour as a Buffer: Do Temporary Workers Suffer? 4. Moving from the External to an Internal Labor Market: Job Tenure, Cycle and Wage Determination 5. Wage Developments in the Early Years of EMU 6. Wage Formation in the Italian Private Sector After the 1992–93 Income Policy Agreements 7. A Widening Scope for Non-wage Components in Collective Bargaining in the EU? 8. Aggregation and Euro Area Phillips Curves 9. Wage Flexibility in Britain: Some Micro and Macro Evidence 10. Centralized Bargaining and Reorganized Work: Are they Compatible? 11. The Impact of Active Labour Market Policies in Europe Index