Assessing the legal value added of collective bargaining

Collective bargaining – the negotiation about working conditions between one or more employers and workers’ representatives – can improve wages, working time and various other dimensions of employment. Successful bargaining that takes into account the characteristics of the firms and workers involved can also increase engagement and stability, improve productivity and profitability. This paper investigates… Continue reading Assessing the legal value added of collective bargaining

Finance and labor rigidity in Portugal

How do credit shocks affect firms’ employment adjustment and exit? How does the propagation of these shocks depend on labor rigidities? Do credit shocks reinforce or hinder productivity-enhancing reallocations in the real economy? According to the classic Schumpeterian view, shocks should bring about creative destruction and a “cleansing effect” on the real economy. However, financial… Continue reading Finance and labor rigidity in Portugal