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The Macroeconomic View
Real and Relative Wage Gains in Major Union Contracts 196875
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adjusted aggregate demand altemative Arthur Okun average wage beneﬁts billion coeﬂicients compensation concemed consumer price index corporate current net proﬁt deﬁcits deﬁned deﬂator demand diﬂicult eamings economic effect eﬂect employee TIP estimated expectations farm federal ﬁnd ﬁrst Franco Modigliani Gardner Ackley govemment gross proﬁt growth impact incentive income tax industries inﬂation rate inﬂationary inﬂuence Intemal Revenue Service labor market lagged lower ment microeconomic minimum wage NAIRU Okun output paper payroll taxes penalty TIP percent period permits Perry Phillips curve price increases price index price inﬂation price level proposals raise rate of inﬂation reduce Rees regulation relative wage retum reward TIP sales taxes sector Seidman shift Sidney Weintraub signiﬁcant small ﬁrms social speciﬁc target tax penalty tax rate Tax-Based Incomes Policy tion tive unemployment unemployment rate union variable wage and price wage changes wage controls wage equation wage increase wage inﬂation WIPP workers