Evaluation of the pay and price standards program

목차 (Table of Contents)

• CONTENTS
• I. INTRODUCTION = 1
• II. WERE THE STANDARDS CONSTRAINING? = 7
• A. Prices = 7
• 1. Aggregate data = 7
• 2. Company-specific data = 8
• B. Wages = 11
• 1. Aggregate data = 11
• 2. Company-specific data = 12
• 3. Major collective-bargaining agreements = 18
• C. Econometric Results = 19
• 1. Direct effect of the pay standard on wage inflation = 19
• 2. Direct effect of the price standard on price inflation = 19
• 3. Full effect of the program on inflation = 21
• III. HAS THE PROGRAM CAUSED SERIOUS DISTORTIONS OR IMPOSED UNDUE COSTS ON COMPANIES? = 25
• A. Aluminum = 26
• B. Petroleum Refining = 27
• C. Investment and Productivity Growth = 27
• 1. The price standard = 28
• 2. The pay standard = 29
• D. The COLA／Non-COLA Distortion = 29
• E. Compliance Costs = 31
• IV. WAS THE PROGRAM ADMINISTERED EFFECTIVELY? = 35
• A. Was the Council Able to Carry Out Its Responsibilities? = 35
• B. Did the Companies Cooperate? = 37
• C. The Extent of Noncompliance and the Effect of Sanctions = 39
• V. CONCLUSION = 43
• APPENDIX A : Analysis of Company-Specific Price and Margin Data = 45
• A.1 Description of the Data Base = 45
• A.2 The Price Limitation = 47
• A.3 The Profit Limitation = 48
• a. Profit-limitation slippage = 48
• b. Actual and allowable profit margins and dollar-profit growth = 54
• A.4 Modified (Gross Margin) Standards = 58
• a. Percentage-gross-margin standard for wholesalers and retailers = 58
• b. Gross-margin standard for food manufacturing and processing = 58
• c. Gross-margin standard for petroleum refiners = 62
• APPENDIX B : Analysis of Company-Specific Pay Data = 65
• B.1 Description of the Data Base = 65
• B.2 Representativeness of Council Data Base = 66
• B.3 Actual and Allowable Pay-Rate Changes = 68
• a. Pay rates by type of employee unit = 68
• b. Adjustments to pay rates = 71
• c. Distributions = 71
• APPENDIX C : Econometric Estimation of the Pay and Price Equations = 97
• C.1 Specification of the Pay and Price Equations = 97
• a. Pay equation = 97
• b. Price equation = 97
• C.2 Empirical Results = 98
• a. Pay equation = 98
• b. Price equation = 98
• c. Joint simulation of pay and price equations = 100
• C.3 Sensitivity Analysis = 100
• a. Pay equation = 100
• b. Price equation = 103
• C.4 Conclusion = 103
• LIST OF TABLES = 107
• LIST OF FIGURES = 109