Prices, Productivity and Wage Bargaining in Open Economies*
提出一个替代性战略谈判模型，发现工资不仅受失业和替代率影响，还取决于生产率、国际价格和汇率，对四个北欧国家的数据估计显示名义工资存在显著刚性。
Abstract According to the standard union bargaining model, unemployment benefits should have big effects on wages, but product‐market prices and productivity should play no role in the wage bargain. We formulate an alternative strategic bargaining model, where labour and product‐market conditions together determine wages. A wage equation is derived and estimated on aggregate data for four Nordic countries. Wages are found to depend not only on unemployment and the replacement ratio, but also on productivity, international prices and exchange rates. There is evidence of considerable nominal wage rigidity. Exchange rate changes have large and persistent effects on competitiveness.