Trade Unions, Wage Formation and Macroeconomic Stability—An Introduction

Abstract

The process of wage formation is a crucial aspect of the current discussion about the causes of stagflation. In fact, differences between various policy prescriptions usually depend on differing assumptions about wage responses. Proposals to reduce unemployment through expansion of monetary demand are usually based on assumptions of rigid money wages. In contrast, recommendations of non-intervention policies often rest on the opposite assumption of rigid real wages, in which case monetary expansion will cause inflation but not affect employment. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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