Central bank inflation contracts and strategic wage setting in a multiunion economy

被引:2
作者
Lawler, P [1 ]
机构
[1] Univ Coll Swansea, Dept Econ, Swansea SA2 8PP, W Glam, Wales
关键词
inflation contracts; strategic wage setting; employment;
D O I
10.1016/j.econlet.2004.08.004
中图分类号
F [经济];
学科分类号
02 ;
摘要
A shared feature of models used to investigate the welfare-enhancing potential of a central bank inflation contract is their stochastic nature: central to the benefits conferred by such a contract is the presence of supply shocks. In constructing a framework where wages are set strategically by a number of nonatomistic, inflation-averse unions, this note identifies circumstances in which an inflation contract improves macroeconomic outcomes even in the absence of supply shocks. (c) 2004 Elsevier B.V. All rights reserved.
引用
收藏
页码:323 / 329
页数:7
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