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Inflation and unemployment in OECD countries: The role of political ideologies, central bank independance and industrial relations

Author

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  • BORGHIJS, Alain
  • DI BARTOLOMEO, Giovanni
  • MERLEVEDE, Bruno

Abstract

This paper considers the effects of central bank independence, labor market institutions and the political partisanship on economic performance. In particular, we test if the partisanship of the government and the degree of central bank independence affect the relationship between labor market institutions and economic performance. We find evidence of interaction effects between the government’s partisanship and the labor market institutions. An increase in union density favors a left-wing government, while an increase in coordination favors a right-wing government. We also find that changes in the partisanship of the government have a larger impact on inflation and unemployment when the labor market is more institutionalized.

Suggested Citation

  • BORGHIJS, Alain & DI BARTOLOMEO, Giovanni & MERLEVEDE, Bruno, 2003. "Inflation and unemployment in OECD countries: The role of political ideologies, central bank independance and industrial relations," Working Papers 2003001, University of Antwerp, Faculty of Business and Economics.
    • Handle: RePEc:ant:wpaper:2003001
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    More about this item

    Keywords

    Partisanship; Labor market institutions; Central bank independence; Economic performance;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General

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