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Central Bank Independence, Wage-Bargaining Structure, and Macroeconomic Performance in OECD Countries

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  • Bleaney, Michael
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    Abstract

    The impact of central bank independence and wage-bargaining structure on inflation and unemployment is explored theoretically and tested empirically for a sample of seventeen OECD countries over two separate periods. The results suggest that inflation is lower in economies with greater central bank independence and that the equilibrium unemployment rate depends on the structure of the labor market. Greater central bank independence does not appear to be associated with higher unemployment. Copyright 1996 by Royal Economic Society.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Oxford Economic Papers.

    Volume (Year): 48 (1996)
    Issue (Month): 1 (January)
    Pages: 20-38

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    Handle: RePEc:oup:oxecpp:v:48:y:1996:i:1:p:20-38

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    Cited by:
    1. Riccardo De Bonis & Massimiliano Stacchini, 2009. "What determines the size of bank loans in industrialized countries? The role of government debt," Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area 707, Bank of Italy, Economic Research and International Relations Area.
    2. Lawler, Phillip, 2002. "Monetary uncertainty, strategic wage setting and equilibrium employment," Economics Letters, Elsevier, Elsevier, vol. 77(1), pages 35-40, September.
    3. Nicola Acocella & Giovanni Di Bartolomeo, 2001. "Wage and public expenditure setting in a monetary union," Working Papers, University of Rome La Sapienza, Department of Public Economics 42, University of Rome La Sapienza, Department of Public Economics.
    4. Cukierman, Alex & Lippi, Francesco, 1999. "Central bank independence, centralization of wage bargaining, inflation and unemployment:: Theory and some evidence," European Economic Review, Elsevier, Elsevier, vol. 43(7), pages 1395-1434, June.
    5. Leybourne, Stephen J. & Mizen, Paul, 1999. "Understanding the disinflations in Australia, Canada and New Zealand using evidence from smooth transition analysis," Journal of International Money and Finance, Elsevier, Elsevier, vol. 18(5), pages 799-816, October.
    6. Guzzo, Vincenzo & Velasco, Andres, 1999. "The case for a populist Central Banker," European Economic Review, Elsevier, Elsevier, vol. 43(7), pages 1317-1344, June.
    7. Acocella, Nicola & Di Bartolomeo, Giovanni & Hibbs Jr., Douglas A., 2004. "Labor market regimes and the effects of monetary policy," Working Papers in Economics, University of Gothenburg, Department of Economics 145, University of Gothenburg, Department of Economics, revised 22 Apr 2005.
    8. Agiomirgianakis, George & Zervoyianni, Athina, 2001. "Globalization of labor markets and macroeconomic equilibrium," International Review of Economics & Finance, Elsevier, Elsevier, vol. 10(2), pages 109-133.
    9. Andres Velasco & Vincenzo Guzzo, 1998. "The Case for a Populist Banker," NBER Working Papers 6802, National Bureau of Economic Research, Inc.
    10. Kilponen, Juha, 1999. "The Inflation Target and the Structure of Labour Markets: Implications for Common Monetary Policy," Research Discussion Papers, Bank of Finland 7/1999, Bank of Finland.
    11. Kilponen, Juha, 1999. "Central Bank Independence and Wage Bargaining Structure - Empirical Evidence," Research Discussion Papers, Bank of Finland 9/1999, Bank of Finland.
    12. Hall, Peter A. & Franzese, Robert J., 1997. "Mixed signals: central bank independence, coordinated wage bargaining, and European Monetary Union," Discussion Papers, Research Unit: Economic Change and Employment, Social Science Research Center Berlin (WZB) FS I 97-307, Social Science Research Center Berlin (WZB).
    13. Aidt, T.S. & Tzannatos, Z., 2005. "The Cost and Benefits of Collective Bargaining," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 0541, Faculty of Economics, University of Cambridge.

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