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Are The Income Policy Agreements Of 1992-93 In Italy Still Valid?Towards A Theory For The Optimal Design Of The “Social Pact”In The European Monetary Union

In: Italian Institutional Reforms: A Public Choice Perspective

Author

Listed:
  • Lilia Cavallari

    (Università Roma Tre)

Abstract

This chapter analyses the macroeconomic consequences of a “social pact” among the government, trade unions and employers’ associations aimed at keeping the growth in domestic wages and prices in line with the government’s inflation target in a country belonging to a monetary union. We demonstrate that an outward-looking social pact which targets union-wide inflation can lead employment at the competitive level and eliminating the inflationary (or deflationary) bias in the economy. Key words: Employment, inflation, social pacts, EMU.

Suggested Citation

  • Lilia Cavallari, 2008. "Are The Income Policy Agreements Of 1992-93 In Italy Still Valid?Towards A Theory For The Optimal Design Of The “Social Pact”In The European Monetary Union," Springer Books, in: Fabio Padovano & Roberto Ricciuti (ed.), Italian Institutional Reforms: A Public Choice Perspective, chapter 0, pages 51-76, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-72141-5_4
    DOI: 10.1007/978-0-387-72141-5_4
    as

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