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A third, and perhaps more surprising, development is the emphasis on how wagebargaining interacts with monetary policy.
Often, globalization forces existing practices to change and rules out certain options, such as state-owned enterprises or centralized wagebargaining, without imposing a uniform response.
In the labour market, with differing degrees of success, wagebargaining went through a neocorporatist re-centralization process.
Therefore, usual results of the standard matching model are fully consistent with intrafirm wagebargaining in the largefirm matching model.
On the one hand, in wagebargaining models it has been typically identified as an external income that workers obtain when becoming unemployed.
The system of wagebargaining also affects economic outcomes.
Models of wagebargaining are not the only explanation of involuntary unemployment current in the literature.
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