This chapter analyzes the implications of efficient wage–employment bargaining in a closed monetary macroeconomic model of the AS-AD type with a government sector and fiat money. The consumption sector is made up of heterogeneous consumers - shareholders and workers - with endogenous labor...

This chapter analyzes the implications of right-to-manage wage bargaining between a producers' syndicate and a workers' union representing finite numbers of identical members in a monetary macroeconomic model of the AS-AD type with a government sector and fiat money. At given prices and price...