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Central Bank Independence, Wage Bargaining, and Labor Market Performance: New Evidence

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  • Horst Feldmann

    () (Department of Economics, University of Bath, Bath BA2 7AY, United Kingdom)

Abstract

Using data on 20 industrial countries over the period 1982 to 2003, this article finds central bank independence to favorably affect both unemployment and employment rates. The size of these effects appears to be substantial, particularly in the long term. In contrast to some of the previous literature, the article finds that the favorable effects of central bank independence do not depend on the degree of wage bargaining centralization or coordination. Furthermore, it finds that higher centralization as well as higher coordination of wage bargaining may also have favorable direct effects on labor market performance.

Suggested Citation

  • Horst Feldmann, 2011. "Central Bank Independence, Wage Bargaining, and Labor Market Performance: New Evidence," Southern Economic Journal, Southern Economic Association, vol. 77(3), pages 692-725, January.
  • Handle: RePEc:sej:ancoec:v:77:3:y:2011:p:692-725
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    File URL: http://dx.doi.org/10.4284/sej.2011.77.3.692
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    Cited by:

    1. Horst Feldmann, 2013. "Technological unemployment in industrial countries," Journal of Evolutionary Economics, Springer, vol. 23(5), pages 1099-1126, November.
    2. Horst Feldmann, 2011. "The Unemployment Puzzle of Corporate Taxation," Public Finance Review, , vol. 39(6), pages 743-769, November.
    3. Christoph S. Weber, 2017. "The Unemployment Effect of Central Bank Transparency," Working Papers 172, Bavarian Graduate Program in Economics (BGPE).
    4. Horst Feldmann, 2013. "Banking System Concentration And Labor Market Performance In Industrial Countries," Contemporary Economic Policy, Western Economic Association International, vol. 31(4), pages 719-732, October.
    5. Feldmann, Horst, 2015. "Banking system concentration and unemployment in developing countries," Journal of Economics and Business, Elsevier, vol. 77(C), pages 60-78.

    More about this item

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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