Wage contracts, policy regimes and business cycles: a contractual history of Sweden 1908 - 1990
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Format: | Abschlussarbeit Buch |
Sprache: | English |
Schriftenreihe: | Lund economic studies
54 |
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Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | 321 S. graph. Darst. |
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adam_text | Contents
Contents
List of tables
List of figures
List of Charts
List of Symbols
Acknowledgements
1 Introduction
1.1 Wage contracts in macroeconomics
1.2 Organization of the study and main findings
1 Theory
2 The optimal contract form
2.1 Assumptions
Notation
The labor market
The loss function and shocks over time
2.2 The optimal time—dependent wage contract
Optimal degree of indexation
Optimal length
Indexation, non indexation or spot markets?
Non optimal contracts: Substitution between indexation and length
Implications of the wage payment System
2.3 The optimal State—dependent wage contract
The choice between time and State dependent contracts
2.4 Conclusion
3 Contracts, shocks and policy regimes
3.1 Introduction
3.2 The contractual aggregate supply and demand model
3.3 Contract characteristics as functions of shocks and policy rules
The policy nie and the efficient policy frontier
Contract characteristics
3.4 Discretionary policy and the optimal wage rule
3.5 Conclusion: Private versus public stabilization
4 Contract theory in Sweden
4.1 The contributions
Gösta Bagge, Sigfrid Hansson, Albin Lind, Erik l.indahl,
Gustaf Akerman, Johan Akerman
4.2 Conclusion
Contents
Tables
2.1 The choice of wage rule, degree of indexation and length
5J Institutional changes
5 2 Wage drift
6.1 Monthly expirations as at 31 December 1930 in number of workers.
7.1 Output growth equations
7.2 Monetary regimes and exchange rate changes in Sweden 1873—1991
7^3 Shock characteristics per regime
7.4 Large shocks
8.1 Regime characteristics
8.2 Central indexation agreements
8.3 Distribution of length across sectors in percent 1908 and 1920
8.4 Empirical studies of length of collective agreements
9.1 Extraordinary inflation compensation during World War I
9.2 Initial length offers in central agreements
10.1 Distribution of contract end dates across quarters and sectors in percent
10.2 Seasonal pattern of starting dates of major groups before 1940
11.1 Wage regressions with contract weighted expectations
11.2 Wage regressions with actual inflation
12.1 Relative wage change variability
12.2 Wage change dispersion as function of squared inflation
12.3 Wage change dispersion as function of inflation.
13.1 Wage, employment and hours variability: standard deviation of percentage growth
rates
13.2 Correlation tests of wage stickiness
14.1 Policy announcement leading up to the restoration of the prewar parity
14.2 Contractual and actual percentage wage changes 1921 22
14.3 Policy announcements and measures 1931 1937
14.4 Contractual and actual percentage wage changes 1931 33
Contents
Figures
(analytical)
1.1 Macroeconomics and wage contracts
2.1 Order of events in contractual models
2.2 Dead—weight loss in the labor market
2.3 Optimal length
2.4 Choice of contract type
2.5 Optimal length of indexed and non indexed contracts
2.6 Sample paths of renegotiations for the Ss model, the Gray model and the
minimum length model
2.7 The renegotiation decision with time and state contingent contracts
3.1 The optimal policy frontier, the perfect wage stabilization point and the effects on
length and indexation on deviations from the perfect wage stabilization point.
3.2 The correspondence between the degree of indexation, 6 , and the degree of supply
shock accommodation, tp^
6.1 Overlapping contracts
6.2 Cohort tables
6.3 Change in age table from one period to the next.
6.4 Age table with prolongations
7.1 Actual and equilibrium output, over time
Panel a) The economy observed between contract renegotiations
Panel b) The economy observed just before contract renegotiations
Panel c) The economy observed just after contract renegotiations
8.1 The dynamics of the proportion of contracts that can be renewed
8.2 Estimating length equations under sample selection
9.1 Lindahl s representation of the sources of inflation during World War II
10.1 A measure of the degree of staggering.
Contents
Charts
(empirical)
5.1 Number of workers with firm , local—, district and national agreements 1908 40
6.1 Number of blue collar workers covered by collective agreements 1908—61
6.2 Length in new agreements according to LO— and SOS data 1908^41
7 1 Estimated elasticity of aggregate demand as a function the window size k
7.2 Supply shocks with o=0.5, a=l, and a=2 1901 89
7.3 Demand shocks with a=0.5, a= , and o=2 1901 89
7.4 Contract age weighted demand shocks (=catch—up variable) and demand shocks
shifted forward one period 1901 89
7.5 Industrial output growth and manufacturing inflation 1901—89
7.6 Demand and supply shocks 1901 89
7.7 Policy regimes: Panel a) a and a , panel b) cr and a _,
panel c) the policy frontier and the actual outcome
8.1 Coverage of collective agreements 1908—1941
8.2 Coverage per sector 1908 1941
8.3 Proportion of contracts with undetermined length 1908 61
8.4 Length of new agreements and central indexation agreements (bars) 1908 90
8.5 Indexation 1940 1989 and shocks
8.6 Regime contract length and two measures of uncertainty
8.7 Yearly contract length and two measures of uncertainty 1908—1990
8.8 Proportion of renewable contracts and actual renewals 1913 ^5.
8.9 Proportion of prolonged contracts 1918 45
8.10 Proportion of renewable contracts in the LO and SOS datal908 61
8.11 Contracts in national agreements for textiles and metal, unemployment and party
who gave notice 1914—39
8.12 Actual age of contracts 1914 61
9.1 Nominal wages of railway worker, judge, and industrial worker 1860 1935
10.1 Two measures of the degree of synchronization 1917—61
10.2 Distribution of expiration month 1915, 1925, 1935, 1945, 1955
12.1 Relative nominal wage change variability 1917 48
12.2 Relative nominal wage change variability 1948—84
12.3 Relative nominal wage change variability and expected inflation 1923 39
13.1 Regime contract length and real output change variability
13.2 Regime contract length and aggregate demand variability
13.3 Panel a Estimated output—price elasticity and relative shock incidence
Panel b Estimated output real wage elasticity and relative shock incidence
13.4 Panel a Output and price changes per regime
Panel b Output and real wage changes per regime
14.1 The dollar—krona exchange rate, the United States wholesale price level, the
Swedish wholesale price level, and the real exchange rate 1920 25
14.2 The relative change in the consumer price level, the nominal money supply and the
real money supply 1920 25
14.3 Contractual wage adjustment in four national agreements, wholesale prices and
unemployment 1920—24
14.4 Contractual wage adjustment in four national agreements, wholesale prices and
unemployment 1930—34
14.5 Working days lost in conflicts 1913 1945
14.6 Unemployment in the trade unions 1920—25 and 1930—35
Contents
II Data
5 Contract institutions and contents
5.1 Introduction
5.2 The organizations
5.3 Enforcement
5.4 Contents
5.5 Wage drift
6 Contract demography
6.1 Sources of information
6.2 Contract demography
Cohort tables and demographic measures
Changes in the contract structure
6.3 Construction of the empirical measures
Expiration data
Age data and prolongations
6.4 Conclusion
III Contract characteristics: causes
7 Shocks and policy regimes
7.1 Introduction
7.2 The model
7.3 Estimation of the one period model
7.4 Estimation of contractual effects
7.5 A stylized macroeconomic history
7.6 Conclusion
8 Length, indexation, and coverage: A quantitative investigation
8.1 Introduction and method
8.2 Proxies for uncertainty
8.3 Coverage
8.4 Indexation
8.5 Length, prolongations and age
8.7 Conclusions
Appendix. The econometric study of contract characteristics
Estimating the length equation when agents choose between non indexed and
contracts and auction markets
Estimating the length equation when agents choose between non indexed and
indexed contracts
Previous studies
9 Length, indexation, and coverage: A historical investigation
9.1 Method and sources
9.2 The classical gold standard
9.3 World War I
9.4 The 1921 22 deflation
9.5 The 1920s
9.6 The 1930s
9.7 World War II
9.8 The post World War II period 1945 1952
9.9 The Bretton Woods period 1953 1971
Contents
9.10 The 1970s and 1980s
9.11 Bargaining about length and indexation
9.12 Wage formation and inflation in the government sector
10 Staggering and synchronization
10.1 The choice of timing
10.2 A measure of the degree of staggering
10.3 The empirical picture
IV Contract characteristics: consequences
11 Contracts and aggregate wages
11.1 Introduction
11.2 Method
11.3 Results
11.4 Conclusion
12 Contracts and relative wage change dispersion
12.1 Introduction
12.2 Contracts and wage variability
12.3 Relative wage change variability in Sweden
12.4 Conclusion
13 Contracts and business cycles
13.1 Length of contracts and output variability
13.2 Correlation tests
The output price correlation
The Kaufman Woglom test
The real wage output correlation
The effect of length on the correlations
13.3 The empirical picture
13.4 Conclusion
14 Contracts and economic policy 1921 22 and 1931 33
14.1 The deflation of 1921 22
The policy: Restoration of the Krona at the pre war gold parity
Wage and contract adjustment
14.2 The depression of 1931 33
The policy: Gold suspension and price stabilization
Wage and contract adjustment
14.3 Conclusion
V Conclusions
15 Policy regimes and individual behavior
15.1 The Lucas critique and proposed solutions
15.2 A plea for history
15.3 Some observations from this study
References
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spelling | Fregert, Klas Verfasser aut Wage contracts, policy regimes and business cycles a contractual history of Sweden 1908 - 1990 Klas Fregert Lund Studentlitteratur's print.-office 1994 321 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Lund economic studies 54 Zugl.: Lund, Univ., Diss., 1994 Geschichte 1908-1990 gnd rswk-swf Avtalsrörelser sao Kollektivavtal - Sverige - 1900-talet sao Konjunkturer Konjunkturväxlingar sao Löner sao Arbeitsvertrag (DE-588)4002802-1 gnd rswk-swf Lohnbildung (DE-588)4074311-1 gnd rswk-swf Konjunkturschwankung (DE-588)4114270-6 gnd rswk-swf Wirtschaftspolitik (DE-588)4066493-4 gnd rswk-swf Konjunkturzyklus (DE-588)4032134-4 gnd rswk-swf Schweden (DE-588)4077258-5 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Schweden (DE-588)4077258-5 g Arbeitsvertrag (DE-588)4002802-1 s Konjunkturschwankung (DE-588)4114270-6 s Wirtschaftspolitik (DE-588)4066493-4 s Geschichte 1908-1990 z DE-604 Lohnbildung (DE-588)4074311-1 s Konjunkturzyklus (DE-588)4032134-4 s DE-188 Lund economic studies 54 (DE-604)BV002784143 54 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007151696&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Fregert, Klas Wage contracts, policy regimes and business cycles a contractual history of Sweden 1908 - 1990 Lund economic studies Avtalsrörelser sao Kollektivavtal - Sverige - 1900-talet sao Konjunkturer Konjunkturväxlingar sao Löner sao Arbeitsvertrag (DE-588)4002802-1 gnd Lohnbildung (DE-588)4074311-1 gnd Konjunkturschwankung (DE-588)4114270-6 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd Konjunkturzyklus (DE-588)4032134-4 gnd |
subject_GND | (DE-588)4002802-1 (DE-588)4074311-1 (DE-588)4114270-6 (DE-588)4066493-4 (DE-588)4032134-4 (DE-588)4077258-5 (DE-588)4113937-9 |
title | Wage contracts, policy regimes and business cycles a contractual history of Sweden 1908 - 1990 |
title_auth | Wage contracts, policy regimes and business cycles a contractual history of Sweden 1908 - 1990 |
title_exact_search | Wage contracts, policy regimes and business cycles a contractual history of Sweden 1908 - 1990 |
title_full | Wage contracts, policy regimes and business cycles a contractual history of Sweden 1908 - 1990 Klas Fregert |
title_fullStr | Wage contracts, policy regimes and business cycles a contractual history of Sweden 1908 - 1990 Klas Fregert |
title_full_unstemmed | Wage contracts, policy regimes and business cycles a contractual history of Sweden 1908 - 1990 Klas Fregert |
title_short | Wage contracts, policy regimes and business cycles |
title_sort | wage contracts policy regimes and business cycles a contractual history of sweden 1908 1990 |
title_sub | a contractual history of Sweden 1908 - 1990 |
topic | Avtalsrörelser sao Kollektivavtal - Sverige - 1900-talet sao Konjunkturer Konjunkturväxlingar sao Löner sao Arbeitsvertrag (DE-588)4002802-1 gnd Lohnbildung (DE-588)4074311-1 gnd Konjunkturschwankung (DE-588)4114270-6 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd Konjunkturzyklus (DE-588)4032134-4 gnd |
topic_facet | Avtalsrörelser Kollektivavtal - Sverige - 1900-talet Konjunkturer Konjunkturväxlingar Löner Arbeitsvertrag Lohnbildung Konjunkturschwankung Wirtschaftspolitik Konjunkturzyklus Schweden Hochschulschrift |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007151696&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
volume_link | (DE-604)BV002784143 |
work_keys_str_mv | AT fregertklas wagecontractspolicyregimesandbusinesscyclesacontractualhistoryofsweden19081990 |