haku: @indexterm UNEMPLOYMENT / yhteensä: 1236
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| Tekijä: | Holden, S. |
| Otsikko: | Monetary regimes and the co-ordination of wage setting |
| Lehti: | European Economic Review
2005 : MAY VOL. 49:4, p. 833-843 |
| Asiasana: | Unemployment Wage determination Models |
| Kieli: | eng |
| Tiivistelmä: | In recent literature it has been argued that equilibrium unemployment may be reduced by central banks by disciplining wage setters. This article argues that in an economy with few, large wage setters, e.g. industry unions, the wage setters tend co-ordinate their wage setting thus achieving lower equilibrium unemployment. It is shown that a strict monetary regime may make it more difficult to sustain co-ordinated wage restraint and this can lead to higher unemployment in equilibrium. |
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