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Is There any Scope for Corporatism in Stabilization Policies?

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Author Info

  • Giovanni Di Bartolomeo

    (University of Rome La Sapienza)

  • Nicola Acocella

    (University of Rome La Sapienza)

  • Wilfried Pauwels

    (University of Antwerp)

Abstract

This paper studies corporatism as the outcome of bargaining between the government and a representative labor union. When negotiations between these two parties only relate to macroeconomic stabilization, we show that corporatism can never be beneficial to both parties. As corporatist policies are nevertheless commonly observed in this context, we also discuss in an informal way possible explanations that reconcile the theory with actual observations. The policy implications of these explanations are also discussed.

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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2009.154.

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Date of creation: Dec 2004
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Handle: RePEc:fem:femwpa:2009.154

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Keywords: Social pacts; Axiomatic bargaining; Unions; Issue linkage;

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References

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  1. Nicola Acocella & Giovanni Di Bartolomeo, 2002. "Non-neutrality of monetary policy in policy games," Working Papers 49, University of Rome La Sapienza, Department of Public Economics.
  2. Oswald, Andrew J, 1985. " The Economic Theory of Trade Unions: An Introductory Survey," Scandinavian Journal of Economics, Wiley Blackwell, vol. 87(2), pages 160-93.
  3. Francesco Lippi, 2003. "Strategic Monetary Policy with Non-Atomistic Wage Setters," CEIS Research Paper 17, Tor Vergata University, CEIS.
  4. Nicola Acocella & Giovanni Di Bartolomeo, 2005. "Is corporatism feasible?," Macroeconomics 0504037, EconWPA.
  5. Streeck, Wolfgang, 1998. "The internationalization of industrial relations in Europe: Prospects and problems," MPIfG Discussion Paper 98/2, Max Planck Institute for the Study of Societies.
  6. Gylfason, Thorvaldur & Lindbeck, Assar, 1994. " The Interaction of Monetary Policy and Wages," Public Choice, Springer, vol. 79(1-2), pages 33-46, April.
  7. Alex Cukierman & Francesco Lippi, 1998. "Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment: Theory and Evidence," Temi di discussione (Economic working papers) 332, Bank of Italy, Economic Research and International Relations Area.
  8. Carlo Carraro & Carmen Marchiori, 2003. "Endogenous Strategic Issue Linkage in International Negotiations," Working Papers 2003.40, Fondazione Eni Enrico Mattei.
  9. Henk Folmer & Pierre Mouche & Shannon Ragland, 1993. "Interconnected games and international environmental problems," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 3(4), pages 313-335, August.
  10. Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
  11. Lawler, Phillip, 2000. "Union Wage Setting and Exchange Rate Policy," Economica, London School of Economics and Political Science, vol. 67(265), pages 91-100, February.
  12. Coricelli, Fabrizio & Cukierman, Alex & Dalmazzo, Alberto, 2000. "Monetary Institutions, Monopolistic Competition, Unionized Labour Markets And Economic Performance," CEPR Discussion Papers 2407, C.E.P.R. Discussion Papers.
  13. Cubitt, Robin P, 1995. " Corporatism, Monetary Policy and Macroeconomic Performance: A Simple Game Theoretic Analysis," Scandinavian Journal of Economics, Wiley Blackwell, vol. 97(2), pages 245-59, June.
  14. Acocella, Nicola & Di Bartolomeo, Giovanni & Hibbs Jr., Douglas A., 2008. "Labor market regimes and the effects of monetary policy," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 134-156, March.
  15. Detken, Carsten & Gartner, Manfred, 1992. " Governments, Trade Unions and the Macroeconomy: An Expository Analysis of the Political Business Cycle," Public Choice, Springer, vol. 73(1), pages 37-53, January.
  16. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
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Cited by:
  1. Acocella, Nicola & Di Bartolomeo, Giovanni, 2007. "The Cost of Social Pacts," MPRA Paper 3585, University Library of Munich, Germany.
  2. Nicola Acocella, . "Teoria e pratica della politica economica: l’eredità del recente passato," Working Papers 104/13, Sapienza University of Rome, Metodi e modelli per l'economia, il territorio e la finanza MEMOTEF.
  3. Nicola Acocella & Giovanni Di Bartolomeo, 2003. "Is corporatism feasible?," Macroeconomics 0301003, EconWPA.
  4. CAEYERS, Bet & PAUWELS, Wilfried, 2006. "Corporatism and macroeconomic stabilization policies," Working Papers 2006035, University of Antwerp, Faculty of Applied Economics.
  5. Caeyers Bet & Pauwels Wilfried, 2007. "Corporatism and macroeconomic stabilization policies," wp.comunite 0007, Department of Communication, University of Teramo.

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