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By Michael Reutter

This publication used to be authorised in 1999 as doctoral thesis (Dr. oec. publ. ) via the college of economics of the Ludwig-Maximilians-Universitat in Munich. It received the dissertation cost of the Alumni-Club of the economics school within the educational 12 months 2000. monetary counsel through the German study Asso­ ciation (DFG) for printing expenditures is gratefully stated. i need to thank the folk in the back of the B\'IF,X-project, particularly Donald Knuth and Leslie Lamport, for his or her magnificent typesetting application. The supervisors of my thesis have been Prof. Dr. G. Flaig and Prof. Dr. D. Marin. i want thank either for his or her thorough examining of the booklet and their principles and important comments. lowe a lot gratitude to my educational instructor Prof. Dr. G. Flaig for lots of insightful conversations approximately sleek time sequence econometrics, asymptotic concept and information difficulties. His empha­ sis on transparent idea mixed with sound econometric equipment shaped my own excellent of ways to do utilized economics. After he left the college in 1998I had the chance to proceed my paintings on the middle for monetary stories. Prof. Dr. H. -W. Sinn and my new colleaguesat CES supplied a stim­ ulating atmosphere for the of completion of my dissertation. ultimately, i would like to thank my mom and dad, my sister and my associates for being there and sharing my cheers and concerns. Munich, October 2000 Michael Reutter Our major difficulty in philosophy and in technology will be the hunt fortruth. Justification isn't an target; and brilliance and cleverness as such are boring.

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Until the contributions of Nash (1950, 1953) the only available formal bargaining model was that of Zeuthen (1930). Surprisingly, the model found little response in the literature until the fifties, as noted by Pen (1959). Pen seems to be the first labour economist who fully appreciated the contribution of Zeuthen in the 1950 Dutch edition of his monograph. The publication of Nash's work stimulated interest in bargaining theory and lead to an important paper by Harsanyi (1956), who shows that both models lead to the same bargaining solution and are therefore formally equivalent.

Lower wages to give more of the cake to the firm and then redistribute through another channel. 3 What happens if the exchange rate is changed for one of the parties? " As already noted , this is implied by SMON. The GNBS can explain this result only under the assumption of quite special utilities . Let's denote the amount of chips with x and the exchange rate with e. 9) As shown below, the bargaining outcome only reacts to exogenous factors if the elasticity of the utility does. This might be the case, but this is not a general property of the GNBS and it is indeed not satisfied for the frequently used Cobb-Douglas utility function.

The approach in this book will be to estimate a reduced form employment equation where these identification problems do not arise as will be shown later. This is similar to the approach in Tyrvainen (1992) for Finland. Employment is not included in the wage equation. However, in this study the reduced employment equation contains productivity variables like the capital stock. As discussed later , this is not very convincing, because it does not conform to a view of the labour market where in the long-run productivity changes are neutral towards employment.

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