Germany, we find that works councils affect wage growth only in combination with collective bargaining. Wage adjustments to … positive and negative economic shocks are not always symmetric. Only under sectoral bargaining there is a (nearly symmetric …) reaction to rising and falling unemployment. In contrast, wage growth in establishments without collective bargaining adjusts …

Germany, we find that works councils affect wage growth only in combination with collective bargaining. Wage adjustments to … positive and negative economic shocks are not always symmetric. Only under sectoral bargaining there is a (nearly symmetric …) reaction to rising and falling unemployment. In contrast, wage growth in establishments without collective bargaining adjusts …

Germany, we find that works councils affect wage growth only in combination with collective bargaining. Wage adjustments to … positive and negative economic shocks are not always symmetric. Only under sectoral bargaining there is a (nearly symmetric …) reaction to rising and falling unemployment. In contrast, wage growth in establishments without collective bargaining adjusts …

Germany, we find that works councils affect wage growth only in combination with collective bargaining. Wage adjustments to … positive and negative economic shocks are not always symmetric. Only under sectoral bargaining there is a (nearly symmetric …) reaction to rising and falling unemployment. In contrast, wage growth in establishments without collective bargaining adjusts …

Germany, we find that works councils affect wage growth only in combination with collective bargaining. Wage adjustments to … positive and negative economic shocks are not always symmetric. Only under sectoral bargaining there is a (nearly symmetric …) reaction to rising and falling unemployment. In contrast, wage growth in establishments without collective bargaining adjusts …

Germany, we find that works councils affect wage growth only in combination with collective bargaining. Wage adjustments to … positive and negative economic shocks are not always symmetric. Only under sectoral bargaining there is a (nearly symmetric …) reaction to rising and falling unemployment. In contrast, wage growth in establishments without collective bargaining adjusts …

Germany, we find that works councils affect wage growth only in combination with collective bargaining. Wage adjustments to … positive and negative economic shocks are not always symmetric. Only under sectoral bargaining there is a (nearly symmetric …) reaction to rising and falling unemployment. In contrast, wage growth in establishments without collective bargaining adjusts …

Germany, we find that works councils affect wage growth only in combination with collective bargaining. Wage adjustments to … positive and negative economic shocks are not always symmetric. Only under sectoral bargaining there is a (nearly symmetric …) reaction to rising and falling unemployment. In contrast, wage growth in establishments without collective bargaining adjusts …

Germany, we find that works councils affect wage growth only in combination with collective bargaining. Wage adjustments to … positive and negative economic shocks are not always symmetric. Only under sectoral bargaining there is a (nearly symmetric …) reaction to rising and falling unemployment. In contrast, wage growth in establishments without collective bargaining adjusts …

impact. Empirical work is undertaken against the background of an efficient bargaining model that embraces employment, hours …