A structuralist analysis of inflation and stabilization

Edward J. Amadeo () and José Márcio Camargo ()

Brazilian Journal of Political Economy, 1992, vol. 12, issue 4, 517-539

Abstract: This paper develops a model in which the distributive conflict between capitaland labor is the driving force which generates inflationary pressures in a market economy. Inthe model the rate of inflation is a function of the capacity of firms to pass increases in coststo prices and of the relative power of workers and employees associations in the process ofcollective bargaining. One of the main results of this analytical framework is that the structureof the capital/labor relations in a country, the process of collective bargaining and thestructure of unions organizations are important determinants of inflationary pressures. As aresult, institutional reforms which promote cooperation on capital/labor relations are of greatimportance in stabilization policies, if the social costs of stabilization are to be minimized. JEL Classification: E31; J52.

Keywords: Inflation; stabilization; distributive conflict (search for similar items in EconPapers)
Date: 1992
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