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Varieties of CapitalismThe Institutional Foundations of Comparative Advantage$
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Peter A. Hall and David Soskice

Print publication date: 2001

Print ISBN-13: 9780199247752

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0199247757.001.0001

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Institutional and Sectoral Interactions in Monetary Policy and Wage/Price‐Bargaining

Institutional and Sectoral Interactions in Monetary Policy and Wage/Price‐Bargaining

Chapter:
(p.104) 3 Institutional and Sectoral Interactions in Monetary Policy and Wage/Price‐Bargaining
Source:
Varieties of Capitalism
Author(s):

Robert J. Franzese

Publisher:
Oxford University Press
DOI:10.1093/0199247757.003.0003

Considers institutional complementarities at the macroeconomic level. It examines unemployment and inflation management in developed democracies, stressing the interactions of central‐bank independence and wage/price‐bargaining coordination with each other and with the sectoral structure of bargaining in determining monetary—policymakers’ and wage/price‐bargainers’ incentives. The evidence from 21 developed democracies over 20 years of flexible exchange rates supports the argument that credible monetary conservatism and traded‐sector‐led (not public‐sector‐led) coordinated bargaining, complement in producing low unemployment and substitute in producing low inflation.

Keywords:   central‐bank independence, coordinated wage‐bargaining, inflation, institutional interactions, macroeconomic policy, unemployment

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