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Comment on L. Calmfors and H. Horn, “Classical Unemployment, Accommodation Policies and the Adjustment of Real Wages”

In: Trade Unions, Wage Formation and Macroeconomic Stability

Author

Listed:
  • Lars Jonung

    (University of Lund)

  • Richard Layard

    (London School of Economics)

Abstract

The aim of this paper is to develop a framework for analyzing the causes of stagflation in an economy with centralized wage setting by a nationwide monopoly union. A basic conclusion is that in such an institutional setting, a full employment policy which accommodates wage disturbances may cause reduction of employment in the private sector and deterioration of the government budget. The model also predicts that the policy has consequences for the allocation of resources between the private and public sector. In fact, the authors develop implicitly a model of long–run public sector growth arising from accommodation policy.

Suggested Citation

  • Lars Jonung & Richard Layard, 1986. "Comment on L. Calmfors and H. Horn, “Classical Unemployment, Accommodation Policies and the Adjustment of Real Wages”," Palgrave Macmillan Books, in: Lars Calmfors & Henrik Horn (ed.), Trade Unions, Wage Formation and Macroeconomic Stability, pages 120-127, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08596-5_7
    DOI: 10.1007/978-1-349-08596-5_7
    as

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