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Institutions and (Short-Run) Macroeconomic Performance

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  • Hargreaves Heap, Shaun P

Abstract

This 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

Suggested Citation

  • Hargreaves Heap, Shaun P, 1994. "Institutions and (Short-Run) Macroeconomic Performance," Journal of Economic Surveys, Wiley Blackwell, vol. 8(1), pages 35-56, March.
    • Handle: RePEc:bla:jecsur:v:8:y:1994:i:1:p:35-56
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    Cited by:

    1. Gruener Hans Peter & Hayo Bernd & Hefeker Carsten, 2009. "Unions, Wage Setting and Monetary Policy Uncertainty," The B.E. Journal of Macroeconomics, De Gruyter, vol. 9(1), pages 1-25, October.
    2. Gagliardi, Francesca, 2008. "Institutions and economic change: A critical survey of the new institutional approaches and empirical evidence," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(1), pages 416-443, February.
    3. 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.
    4. Thomas Grandner, 1997. "Territoriale Evolution von Kooperation in einem Gefangenendilemma," Department of Economics Working Papers wuwp045, Vienna University of Economics and Business, Department of Economics.
    5. Daniel G. Arce M., 1996. "Social Norms, Inflation And Stabilization," Rationality and Society, , vol. 8(3), pages 277-294, August.
    6. Paul Frijters, 1997. "Capital scarcities as a reason for high unemployment in the European Union," Macroeconomics 9706002, University Library of Munich, Germany.
    7. Grandner, Thomas, 1996. "Territoriale Evolution von Kooperation in einem Gefangenendilemma," Department of Economics Working Paper Series 45, WU Vienna University of Economics and Business.
    8. Daniel Arce, 1997. "Correlated strategies as Institutions," Theory and Decision, Springer, vol. 42(3), pages 271-285, May.
    9. Grandner, Thomas, 1996. "Is wage-leadership an instrument to coordinate unions' wage-policy? The case of imperfect product markets," Department of Economics Working Paper Series 42, WU Vienna University of Economics and Business.

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