Comment on H. Tson Söderström,“Union Militancy, External Shocks and the Accommodation Dilemma”

Guido Bruyne and Edmund Phelps
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Guido Bruyne: University of Louvain

A chapter in Trade Unions, Wage Formation and Macroeconomic Stability, 1986, pp 210-214 from Palgrave Macmillan

Abstract: Abstract Söderström’s paper is an original and valuable contribution to the interesting and, in my opinion, highly relevant problem of whether or not and to what extent a nonaccommodation policy is an optimal government strategy in the presence of centralized wage setting and external shocks. The author forcefully stresses the benefits of gradualism, thereby dismissing the “all or nothing” choice that usually governs the literature on the accommodation problem.

Keywords: Monetary Policy; Real Wage; Money Supply; Repeated Game; External Shock (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_13

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DOI: 10.1007/978-1-349-08596-5_13

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