Trade Unions, Wage Formation and Macroeconomic Stability—An Introduction

Lars Calmfors
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Lars Calmfors: Institute for International Economic Studies

A chapter in Trade Unions, Wage Formation and Macroeconomic Stability, 1986, pp 1-17 from Palgrave Macmillan

Abstract: Abstract The process of wage formation is a crucial aspect of the current discussion about the causes of stagflation. In fact, differences between various policy prescriptions usually depend on differing assumptions about wage responses. Proposals to reduce unemployment through expansion of monetary demand are usually based on assumptions of rigid money wages. In contrast, recommendations of non-intervention policies often rest on the opposite assumption of rigid real wages, in which case monetary expansion will cause inflation but not affect employment.

Keywords: Trade Union; Real Wage; Policy Rule; Wage Bargaining; Wage Setting (search for similar items in EconPapers)
Date: 1986
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-08596-5_1

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DOI: 10.1007/978-1-349-08596-5_1

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