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Is There any Scope for Corporatism in Stabilization Policies?

  • Giovanni Di Bartolomeo

    (University of Rome La Sapienza)

  • Nicola Acocella

    (University of Rome La Sapienza)

  • Wilfried Pauwels

    (University of Antwerp)

This paper studies corporatism as the outcome of bargaining between the government and a representative labor union. When negotiations between these two parties only relate to macroeconomic stabilization, we show that corporatism can never be beneficial to both parties. As corporatist policies are nevertheless commonly observed in this context, we also discuss in an informal way possible explanations that reconcile the theory with actual observations. The policy implications of these explanations are also discussed.

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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2009.154.

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Date of creation: Dec 2004
Date of revision:
Handle: RePEc:fem:femwpa:2009.154
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  1. Nicola Acocella & Giovanni Di Bartolomeo, 2003. "Is corporatism feasible?," Macroeconomics 0301003, EconWPA.
  2. Giovanni Di Bartolomeo & Nicola Acocella, 2005. "Non-Neutrality Of Monetary Policy In Policy Games," Macroeconomics 0504026, EconWPA.
  3. 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.
  4. Francesco Lippi, 2000. "Strategic Monetary Policy with Non Atomistic Wage Setters," Econometric Society World Congress 2000 Contributed Papers 1354, Econometric Society.
  5. Gylfason, Thorvaldur & Lindbeck, Assar, 1994. " The Interaction of Monetary Policy and Wages," Public Choice, Springer, vol. 79(1-2), pages 33-46, April.
  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. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
  8. Cukierman, A. & Lippi, F., 1998. "Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment: Theory and Evidence," Papers 332, Banca Italia - Servizio di Studi.
  9. Streeck, Wolfgang, 1998. "The internationalization of industrial relations in Europe: Prospects and problems," MPIfG Discussion Paper 98/2, Max Planck Institute for the Study of Societies.
  10. Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
  11. Acocella, Nicola & Di Bartolomeo, Giovanni & Hibbs Jr., Douglas A., 2008. "Labor market regimes and the effects of monetary policy," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 134-156, March.
  12. 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.
  13. Oswald, Andrew J, 1985. " The Economic Theory of Trade Unions: An Introductory Survey," Scandinavian Journal of Economics, Wiley Blackwell, vol. 87(2), pages 160-93.
  14. 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.
  15. Carlo Carraro & Carmen Marchiori, 2003. "Endogenous Strategic Issue Linkage in International Negotiations," Working Papers 2003.40, Fondazione Eni Enrico Mattei.
  16. Henk Folmer & Pierre Mouche & Shannon Ragland, 1993. "Interconnected games and international environmental problems," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 3(4), pages 313-335, August.
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