Monetary Policy Games and Coalitions in a Two-Country Model with Unionised Wage Setting
Athina Zervoyianni ()
Oxford Economic Papers, 1997, vol. 49, issue 1, 57-76
The authors show that, in interdependent unionized economies, cooperation between wage-setters at home and abroad improves both their own positions and social welfare relative to universal Nash play. Moreover, a move from all-around Nash play to cooperation between home and foreign unions and between home and foreign policymakers may produce Pareto improvements or outcomes that are preferable to Nash play for the coalition as a whole. However, intranational coalitions may lack the support of unions. Such coalitions unambiguously improve the policymakers' position. However, in an interdependent world, they do not necessarily make the unions better-off relative to other regimes. Copyright 1997 by Royal Economic Society.
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