Wage bargaining,productivity growth and long-run industry structure |
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| Authors: | Helmut Bester Chrysovalantou Milliou Emmanuel Petrakis |
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| Institution: | 1. Free University Berlin, Department of Economics, Boltzmannstr. 20, D-14195 Berlin, Germany;2. Athens University of Economics and Business, Department of International and European Economic Studies, Athens, Greece;3. University of Crete, Department of Economics, Rethymnon, Greece;1. School of Economics, Singapore Management University, Singapore;2. Department of Economics, National University of Singapore, Singapore;3. Department of Economics, Chinese University of Hong Kong, Hong Kong;1. Aix-Marseille Université (AMSE et IMéRA), CNRS et EHESS, France;2. CNRS, France;3. Centre d’Economie de la Sorbonne, France;4. CEREC, Université Saint-Louis, Belgium;5. ECARES, Université Libre de Bruxelles, Belgium;6. CEPR, United Kingdom |
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| Abstract: | This paper studies the innovation dynamics of an oligopolistic industry. The firms compete not only in the output market but also by engaging in productivity enhancing innovations to reduce labor costs. Rent sharing may generate productivity dependent wage differentials. Productivity growth creates intertemporal spillover effects, which affect the incentives for innovation at subsequent dates. Over time the industry equilibrium approaches a steady state. The paper characterizes the evolution of the industry's innovation behavior and its market structure on the adjustment path. |
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