A monopoly union model of wage determination with taxes and endogenous capital stock: an empirical application to the Finnish manufacturing industry

Pasi Holm, Seppo Honkapohja and Erkki Koskela

No 24/1990, Bank of Finland Research Discussion Papers from Bank of Finland

Abstract: The paper formulates a model of wage determination in accordance with the notion of a monopoly union determining wages after which the firm decides on employment. The novelty is to incorporate investment and capital decisions by firms. In the theoretical part the subgame-perfect Nash equilibrium and its comparative statics for wages, capital stock and employment are characterized in various cases.

Date: 1990
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Related works:
Working Paper: A Monopoly Union Model of Wage Determination with Taxes and Endogenous Capital Stock: An Empirical Application to the Finnish Manufacturing Industry (1991)
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