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Monetary regime and the co-ordination of wage setting

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  • Holden,S.

    (University of Oslo, Department of Economics)

Abstract

International comparisons show that countries with co-ordinated wage setting generally have lower unemployment than countries with less co-ordinated wage setting. This paper argues that the monetary regime may affect whether co-ordination among many wage setters is feasible. A strict monetary regime, like a country-specific inflation target, to some extent disciplines wage setters, so that the consequences of uncoordinated wage setting are less detrimental than under a more passive monetary regime (eg a monetary union). Thus, the gains from co-ordination are larger under a passive regime. Under some circumstances a passive regime may induce co-operation in wage setting, and thus lower unemployment, when a stricter regime would not.

(This abstract was borrowed from another version of this item.)

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File URL: http://www.sv.uio.no/econ/english/research/unpublished-works/working-papers/pdf-files/2000/Memo-01-2000.pdf
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Bibliographic Info

Paper provided by Oslo University, Department of Economics in its series Memorandum with number 01/2000.

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Date of creation: 2000
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Handle: RePEc:hhs:osloec:2000_001

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Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Phone: 22 85 51 27
Fax: 22 85 50 35
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Web page: http://www.oekonomi.uio.no/indexe.html
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  1. Horn, Henrik & Persson, Torsten, 1988. "Exchange rate policy, wage formation and credibility," European Economic Review, Elsevier, vol. 32(8), pages 1621-1636, October.
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  3. Cukierman, Alex & Lippi, Francesco, 2001. "Labour Markets and Monetary Union: A Strategic Analysis," Economic Journal, Royal Economic Society, vol. 111(473), pages 541-65, July.
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  6. 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.
  7. Farrell, Joseph & Maskin, Eric, 1987. "Renegotiation in Repeated Games," Department of Economics, Working Paper Series qt9wv3h5jb, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  8. 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.
  9. Martin L. Weitzman, 1984. "The Simple Macroeconomics of Profit Sharing," Working papers 357, Massachusetts Institute of Technology (MIT), Department of Economics.
  10. Wibaut, Quentin, 1997. "Money as a coordination device," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1997023, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  11. Stephen Nickell, 1997. "Unemployment and Labor Market Rigidities: Europe versus North America," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 55-74, Summer.
  12. Steinar Holden, 2002. "Wage Setting Under Different Monetary Regimes," CESifo Working Paper Series 632, CESifo Group Munich.
  13. Martin J. Osborne & Ariel Rubinstein, 2005. "Bargaining and Markets," Levine's Bibliography 666156000000000515, UCLA Department of Economics.
  14. Holden, S., 1998. "Wage Drift and the Relevance of Centralised Wage Setting," Memorandum 04/1998, Oslo University, Department of Economics.
  15. Holden, Steinar & Vikoren, Birger, 1996. " The Credibility of a Fixed Exchange Rate: How Reputation Is Gained or Lost," Scandinavian Journal of Economics, Wiley Blackwell, vol. 98(4), pages 485-502, December.
  16. Olivier Blanchard & Justin Wolfers, 1999. "The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence," NBER Working Papers 7282, National Bureau of Economic Research, Inc.
  17. Moene, K.O. & Wallerstein, M. & Hoel, M., 1992. "Bargaining Structure and Economic Performance," Memorandum 10/1992, Oslo University, Department of Economics.
  18. Vartiainen, Juhana, 1999. "Relative Wages in Monetary Union and Floating," Working Paper Series 155, Trade Union Institute for Economic Research.
  19. Holden, S., 1990. "Exchange Rate Policy And Wage Formation In An Economy With Many Trade Unions," Memorandum 04/1990, Oslo University, Department of Economics.
  20. Groth, Charlotta & Johansson, Ã…sa, 2002. "Bargaining Structure and Nominal Wage Flexibility," Seminar Papers 709, Stockholm University, Institute for International Economic Studies.
  21. Guzzo, Vincenzo & Velasco, Andres, 1999. "The case for a populist Central Banker," European Economic Review, Elsevier, vol. 43(7), pages 1317-1344, June.
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  23. Holden, S., 1991. "Economic Policy in an Economy with Local and Central Wage Bargaining," Memorandum 08/1991, Oslo University, Department of Economics.
  24. Holden, Steinar, 1994. "Wage bargaining and nominal rigidities," European Economic Review, Elsevier, vol. 38(5), pages 1021-1039, May.
  25. Cubitt, Robin P, 1992. "Monetary Policy Games and Private Sector Precommitment," Oxford Economic Papers, Oxford University Press, vol. 44(3), pages 513-30, July.
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