Institutions and (Short-Run) Macroeconomic Performance
AbstractThis paper reviews the growing interest in institutions. It argues that the explanation for this interest is a fresh awareness of how institutions affect economic performance. This connection arises because many economic interactions take the form of one or other of three "classic" games (prisoners' dilemma, coordination and chicken) and the outcome in these games (and hence performance of the economy) is influenced by the institutional context of these interactions. The paper provides a detailed illustration of this argument with a survey of the literature which relates unemployment performances to the institutions of wage setting in OECD countries. Copyright 1994 by Blackwell Publishers Ltd
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Economic Surveys.
Volume (Year): 8 (1994)
Issue (Month): 1 (March)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0950-0804
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- Daniel Arce, 1997. "Correlated strategies as Institutions," Theory and Decision, Springer, vol. 42(3), pages 271-285, May.
- Thomas Grandner, 1997. "Territoriale Evolution von Kooperation in einem Gefangenendilemma," Department of Economics Working Papers wuwp045, Vienna University of Economics, Department of Economics.
- Bernd Hayo & Hans Peter Gruner & Carsten Hefeker, 2004. "Monetary policy uncertainty and unionized labour markets," Money Macro and Finance (MMF) Research Group Conference 2003 42, Money Macro and Finance Research Group.
- Paul Frijters, 1997. "Capital scarcities as a reason for high unemployment in the European Union," Macroeconomics 9706002, EconWPA.
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