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This paper presents an innovation driven endogenous growth model, where firms and unions bargain over wages. We find that the degree of centralization of the bargaining structure plays a crucial rule for economic performance. Central bargaining, which incorporates the leapfrogging externality incorporated in firm-level bargaining, will yield lower r ates of unemployment for a given rate of economic growth. The increase in labor r esources will in turn also yield faster growth rates in a c orporatist economy. Indeed, when un ions focus on issues other than short t erm wage increases, they may even outperform the non-unionized economy, as they can internalize the knowledge e xternality through long-

Growth Externalities, Unions, and Long-term Wage Accords,