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Macroeconomic Performance in the Bretton Woods Era, And After

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Author Info
Gavin Cameron
Chris Wallace

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Abstract

During the Bretton Woods era, OECD countries grew at historically unprecedented rates. This Golden Age has many possible explanations, ranging from the return to liberal policies in international trade to a backlog of profitable growth opportunities after the neglect of the 1930s and war-time damage. Eichengreen (1996) has argued the the proximate cause of the rapid growth was high investment, and that this high investment was made possible by certain institutions that were particularly well suited to reconstruction and growth. On the domestic side, these institutions led to high investment rates and moderate wage claims. This paper interprets the interaction between unions and firms as a coordination game. The risk-dominant equilibrium is selected via a global game argument. Only small changes to the payoffs are necessary to explain a change in the selected equilibrium, and therefore, the growth slowdown.

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Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 130.

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Date of creation: 2002
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Handle: RePEc:oxf:wpaper:130

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Keywords: coordination games global games risk-dominance Bretton Woods macroeconomic performance institutions

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Find related papers by JEL classification:
N14 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Europe: 1913-
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Gavin Cameron & Nicholas Fawcett, 2005. "Economic Policies for Growth and Employment," Economics Series Working Papers 249, University of Oxford, Department of Economics. [Downloadable!]
  2. Alka obadić & Sanja Porić, 2008. "The coordination between education and employment policies," EFZG Working Papers Series 0802, Faculty of Economics and Business, University of Zagreb. [Downloadable!]
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