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Central Bank Independence, Wage Bargaining, and Labor Market Performance: New Evidence

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  • Horst Feldmann

    ()
    (Department of Economics, University of Bath, Bath BA2 7AY, United Kingdom)

Abstract

Using data on 20 industrial countries over the period 1982 to 2003, this article finds central bank independence to favorably affect both unemployment and employment rates. The size of these effects appears to be substantial, particularly in the long term. In contrast to some of the previous literature, the article finds that the favorable effects of central bank independence do not depend on the degree of wage bargaining centralization or coordination. Furthermore, it finds that higher centralization as well as higher coordination of wage bargaining may also have favorable direct effects on labor market performance.

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Bibliographic Info

Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 77 (2011)
Issue (Month): 3 (January)
Pages: 692-725

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Handle: RePEc:sej:ancoec:v:77:3:y:2011:p:692-725

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Web page: http://www.southerneconomic.org/
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Cited by:
  1. Feldmann, Horst, 2011. "The Unemployment Puzzle of Corporate Taxation," Department of Economics Working Papers, University of Bath, Department of Economics 37933, University of Bath, Department of Economics.
  2. Horst Feldmann, 2013. "Technological unemployment in industrial countries," Journal of Evolutionary Economics, Springer, Springer, vol. 23(5), pages 1099-1126, November.

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