Industrial Relations and Macroeconomic Performance: An Application to Spain

International Monetary Fund

No 1990/093, IMF Working Papers from International Monetary Fund

Abstract: The paper analyzes the macroeconomic implications of different systems of industrial relations. After reviewing the relevant literature, and analyzing cross-country evidence, the paper focuses on the experience of centralized bargaining characterizing Spain in the period 1979-86. The paper argues, in accordance with the literature and the cross-country evidence, that the centralization of bargaining yielded positive macroeconomic effects in Spain, and thus that the shift toward a more decentralized setting after 1987 carries several risks. This conclusion is based on an empirical analysis of the wage setting process and of the evolution of labor shares in income.

Keywords: WP; wage; real wage; industry wage dispersion; price equation; wage stability; wage-price spiral; wage pressure; rate increase; Wages; Labor share; Labor costs; Real wages; Wage adjustments (search for similar items in EconPapers)
Pages: 42
Date: 1990-01-01
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:1990/093

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