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| Author: | Bowdler, C. Nunziata, L. |
| Title: | Inflation adjustment and labour market structures: Evidence from a multi-country study |
| Journal: | Scandinavian Journal of Economics
2007 : VOL. 109:3, p. 619-642 |
| Index terms: | labour markets coordination trade unions inflation OECD models |
| Language: | eng |
| Abstract: | This paper empirically explores the impact of labour market structures on the response of inflation to macroeconomic shocks. Based on results from a 20 OECD country panel, it is shown that if labour market coordination is high, the effect on inflation of movements in unemployment, import prices, productivity, and tax rates is dampened, both on impact and dynamically. In contrast, monopoly power in labour supply appears to amplify the response of inflation to its reduced form determinants. |
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