Are The Income Policy Agreements Of 1992-93 In Italy Still Valid?Towards A Theory For The Optimal Design Of The “Social Pact”In The European Monetary Union

Lilia Cavallari

Chapter Chapter 4 in Italian Institutional Reforms: A Public Choice Perspective, 2008, pp 51-76 from Springer

Abstract: This chapter analyses the macroeconomic consequences of a “social pact” among the government, trade unions and employers’ associations aimed at keeping the growth in domestic wages and prices in line with the government’s inflation target in a country belonging to a monetary union. We demonstrate that an outward-looking social pact which targets union-wide inflation can lead employment at the competitive level and eliminating the inflationary (or deflationary) bias in the economy. Key words: Employment, inflation, social pacts, EMU.

Keywords: Monetary Policy; Central Bank; Trade Union; Real Wage; Monetary Union (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-0-387-72141-5_4

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DOI: 10.1007/978-0-387-72141-5_4

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