Arbeitspapier
Monetary Regimes and the Co-Ordination of Wage Setting
International comparisons show that countries with co-ordinated wage setting generally have lower unemployment than countries with less co-ordinated wage setting. This paper argues that the monetary regime may affect whether co-ordination among many wage setters is feasible. A strict monetary regime, like a country-specific inflation target, to some extent disciplines wage setters, so that the consequences of uncoordinated wage setting are less detrimental than under a more passive monetary regime (eg a monetary union). Thus, the gains from co-ordination are larger under a passive regime. Under some circumstances a passive regime may induce co-operation in wage setting, and thus lower unemployment, when a stricter regime would not.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 429
- Klassifikation
-
Wirtschaft
- Thema
-
Wage setting
co-ordination
equilibrium unemployment
monetary regime
monetary union
wage moderation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Holden, Steinar
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2001
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Holden, Steinar
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2001
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