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The macroeconomics of social pacts

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Author Info
Nicola Acocella (University of Rome I)
Giovanni Di Bartolomeo (University of Rome I)
Patrizio Tirelli (University of Milan Bicocca)

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Abstract

In this paper we analyze macroeconomic interactions among trade unions, the central bank and the fiscal policymaker. We explicitly model trade unionsconcern for public expenditure, paving the way for an analysis of the potential gains from cooperation between the fiscal policymaker and the trade unions, i.e. the so-called corporatist or social pacts that have characterized economic policies in a number of European countries in the last few decades. We also show that central bank conservatism or administrative ceilings on public expenditure may be ineffective, as tax rates and real wage claims are strategic substitutes.

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Paper provided by EconWPA in its series Labor and Demography with number 0410003.

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Length: 20 pages
Date of creation: 04 Oct 2004
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Handle: RePEc:wpa:wuwpla:0410003

Note: Type of Document - pdf; pages: 20
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Related research
Keywords: corporatism; monetary policy; fiscal policy;

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Find related papers by JEL classification:
J - Labor and Demographic Economics

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  1. Dixit, Avinash & Lambertini, Luisa, 2001. "Monetary-fiscal policy interactions and commitment versus discretion in a monetary union," European Economic Review, Elsevier, vol. 45(4-6), pages 977-987, May. [Downloadable!] (restricted)
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  3. Beetsma, Roel M. W. J. & Bovenberg, A. Lans, 2003. "Strategic debt accumulation in a heterogeneous monetary union," European Journal of Political Economy, Elsevier, vol. 19(1), pages 1-15, March. [Downloadable!] (restricted)
  4. Acocella, Nicola & Di Bartolomeo, Giovanni, 2004. "Non-neutrality of monetary policy in policy games," European Journal of Political Economy, Elsevier, vol. 20(3), pages 695-707, September. [Downloadable!] (restricted)
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  5. Beetsma, Roel & Uhlig, Harald, 1999. "An Analysis of the Stability and Growth Pact," Economic Journal, Royal Economic Society, vol. 109(458), pages 546-71, October. [Downloadable!] (restricted)
  6. Gylfason, Thorvaldur & Lindbeck, Assar, 1994. " The Interaction of Monetary Policy and Wages," Public Choice, Springer, vol. 79(1-2), pages 33-46, April.
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  7. Jerger, Jurgen, 2002. "Socially optimal monetary policy institutions," European Journal of Political Economy, Elsevier, vol. 18(4), pages 761-781, November. [Downloadable!] (restricted)
  8. Summers, Lawrence H & Gruber, Jonathan & Vergara, Rodrigo, 1993. "Taxation and the Structure of Labor Markets: The Case of Corporatism," The Quarterly Journal of Economics, MIT Press, vol. 108(2), pages 385-411, May. [Downloadable!] (restricted)
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  9. Burda, Michael C., 1997. "Corporatism, labor unions and the safety net," European Economic Review, Elsevier, vol. 41(3-5), pages 635-646, April. [Downloadable!] (restricted)
  10. Guy Debelle & Stanley Fischer, 1994. "How independent should a central bank be?," Working Papers in Applied Economic Theory 94-05, Federal Reserve Bank of San Francisco.
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  11. Beetsma, Roel M. W. J. & Lans Bovenberg, A., 1998. "Monetary union without fiscal coordination may discipline policymakers," Journal of International Economics, Elsevier, vol. 45(2), pages 239-258, August. [Downloadable!] (restricted)
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  12. Streeck, Wolfgang, 1998. "The Internationalization of Industrial Relations in Europe: Prospects and Problems," MPIfG Discussion and Working Papers 2, Max Planck Institute for the Study of Societies. [Downloadable!]
  13. Cukierman, Alex & Lippi, Francesco, 1998. "Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment - Theory and Evidence," CEPR Discussion Papers 1847, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  14. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121. [Downloadable!] (restricted)
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  15. Sibert, Anne & Sutherland, Alan, 2000. "Monetary union and labor market reform," Journal of International Economics, Elsevier, vol. 51(2), pages 421-435, August. [Downloadable!] (restricted)
  16. Beetsma, Roel M W J & Bovenberg, A Lans, 2000. " Designing Fiscal and Monetary Institutions for a European Monetary Union," Public Choice, Springer, vol. 102(3-4), pages 247-69, March. [Downloadable!] (restricted)
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  17. Alesina, Alberto & Tabellini, Guido, 1987. "Rules and Discretion with Noncoordinated Monetary and Fiscal Policies," Economic Inquiry, Oxford University Press, vol. 25(4), pages 619-30, October.
  18. 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.
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  20. 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. [Downloadable!] (restricted)
  21. David Soskice & Torben Iversen, 2000. "The Nonneutrality Of Monetary Policy With Large Price Or Wage Setters," The Quarterly Journal of Economics, MIT Press, vol. 115(1), pages 265-284, February. [Downloadable!] (restricted)
  22. Lippi, Francesco, 2002. "Revisiting the case for a populist central banker," European Economic Review, Elsevier, vol. 46(3), pages 601-612, March. [Downloadable!] (restricted)
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  23. Chari, V.V. & Kehoe, Patrick J., 2007. "On the need for fiscal constraints in a monetary union," Journal of Monetary Economics, Elsevier, vol. 54(8), pages 2399-2408, November. [Downloadable!] (restricted)
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  24. Cubitt, Robin P, 1995. " Corporatism, Monetary Policy and Macroeconomic Performance: A Simple Game Theoretic Analysis," Scandinavian Journal of Economics, Blackwell Publishing, vol. 97(2), pages 245-59, June.
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