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The Macroeconomic View
Real and Relative Wage Gains in Major Union Contracts 196875
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adjusted aggregate demand allocative efficiency Arthur Okun average wage benefits billion budget coefficients collective bargaining compensation corporate current net profit decline economic effect efficiency employee TIP equal equity estimated excess expectations federal fiscal Franco Modigliani gain Gardner Ackley hourly earnings impact important incentive income tax industries inflation rate inflationary Internal Revenue Service labor costs labor market lagged less lower measure ment microeconomic minimum wage monetary NAIRU Okun output paper payments payroll taxes penalty TIP percent permits Perry Phillips curve price increases price index price inflation price level proposals raise reduce Rees regulation relative wage reward TIP rise sales taxes sector Seidman shift Sidney Weintraub social Stabilization stagflation subsidy target tax penalty tax rate Tax-Based Incomes Policy tion tive unemployment unemployment rate union unit variable wage and price wage changes wage controls wage equation wage increase wage inflation Wallich-Weintraub WIPP workers