Trade unions,nonneutrality and stagflation |
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Authors: | Acocella Nicola Ciccarone Giuseppe |
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Affiliation: | 1. Department of Public Economics, University of Rome “La Sapienza”, Via del Castro Laurenziano 9, 00161, Rome, Italy
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Abstract: | The claim that in policy games nonneutrality and a stagflation bias emerge in equilibrium if the unions care about inflation, per se, is discussed. This assumption is shown to be not necessary to obtain a stagflation bias; the same applies to nonneutrality if a government acts in the economy. The question of whether unions should be envisaged as “institutions” (i.e., interested in variables unrelated to wages and employment) is also addressed. Two model-based alternatives providing “microeconomic” foundations versus “macroeconomic” foundations to unions' behaviour are presented. The conclusion is that the modelling of unions remains an unsettled problem. |
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