On labour mobility and the neutrality of money in unionised economies

Larsson, Anna

doi:10.1016/j.econmod.2010.08.009

Economic Modelling

2011

DOI: 10.1016/j.econmod.2010.08.009

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On labour mobility and the neutrality of money in unionised economies

Anna Larsson

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Cited by 2 publications

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“…Also, seeCalmfors (2004) for a review of this body of literature.3Larsson (2011) shows that when perfect labour mobility is introduced in a similar setting, worker migration offsets the effects of the monetary regime and the neutrality of money is restored. However, in reality, labour mobility is limited and the prediction that the monetary regime is important is likely to be empirically relevant.C The editors of The Scandinavian Journal of Economics 2013.…”

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confidence: 99%

Pattern Bargaining and Wage Leadership in a Small Open Economy*

Calmfors

Larsson

2013

Scandinavian J Economics

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Pattern bargaining where the tradables (manufacturing) sector acts as wage leader is a common form of wage bargaining in Europe. Our results question the conventional wisdom that such a bargaining set-up produces wage restraint. We find that all forms of pattern bargaining give the same macroeconomic outcomes as uncoordinated bargaining under inflation targeting and a flexible exchange rate. Under monetary union (a fixed exchange rate) wage leadership for the non-tradables sector is conducive to wage restraint and high employment, whereas wage leadership for the tradables sector is not. Loss aversion and comparison thinking in wage setting, where unions evaluate the utility of the wages of their members relative to a wage norm, may lead the follower to set the same wage as the leader. Such equilibria can arise when the leader sector is the smaller sector and promote high employment.

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confidence: 99%

Pattern Bargaining and Wage Leadership in a Small Open Economy*

Calmfors

Larsson

2013

Scandinavian J Economics

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Testing the impact of inflation targeting and central bank independence on labour market outcomes

Seim

Zetterberg

2012

Oxford Economic Papers

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On labour mobility and the neutrality of money in unionised economies

Cited by 2 publications

References 16 publications

Pattern Bargaining and Wage Leadership in a Small Open Economy*

Pattern Bargaining and Wage Leadership in a Small Open Economy*

Testing the impact of inflation targeting and central bank independence on labour market outcomes

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