Labour Relations and their Interaction with Economic Policy
The effect that bargaining coordination has on macroeconomic developments is dependent on how these developments are linked with labour costs. Because of the declining variation in labour-cost growth seen across countries, variations in labour relations seem to no longer have relevance. It is therefore important to analyse the economic impact of bargaining coordination on economic institutions and their policies. The chapter first discusses how the interdependence of union policy and government policy has influenced how unions sacrifice member gains and long-term macroeconomic performance for the attainment of short-term goals. Another discussion involves monetary policy and the centralization of bargaining through such entities as the central bank. Lastly, the chapter includes a discussion about how bargaining coordination is related to monetary policy.
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