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Memorandum, Department of Economics, University of Oslo >
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| Title: | | Monetary regime and the co-ordination of wage setting  |
| Authors: | | Holden, Steinar |
| Issue Date: | | 2000 |
| Series/Report no.: | | Memorandum, Department of Economics, University of Oslo 2000,01 |
| Abstract: | | International comparisons show that countries with co-ordinated wage setting generally have lower unemployment than countries with less co-ordinated wage setting. This paper argues that the monetary regime may affect whether co-ordination among many wage setters is feasible. A strict monetary regime, like a country-specific inflation target, to some extent disciplines wage setters, so that the consequences of uncoordinated wage setting are less detrimental than under a more passive monetary regime (eg a monetary union). Thus, the gains from co-ordination are larger under a passive regime. Under some circumstances a passive regime may induce co-operation in wage setting, and thus lower unemployment, when a stricter regime would not. |
| Subjects: | | Wage setting co-ordination equilibrium unemployment monetary regime monetary union |
| JEL: | | E24 J5 E52 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Memorandum, Department of Economics, University of Oslo
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