This paper analyses the consequences of the Nixon Administration’s policy of wage-price controls and finds that the controls were essentially ineffective in reducing inflation.

A modified version of a tax-based incomes policy (TIP) incentive tax is proposed that retains the aggregate wage-restraining effect of the tax proposed by Jackman and Layard, but in addition should help to speed the elimination of unemployment that results from the slow response of relative...

The paper questions the predominant view on unemployment and wages in the European Un-ion according to which high unemployment is primarily caused by labour market rigidities, i.e. social institutions and regulations which prevent “market-clearing” real wage levels and structures. It is...

Economies that are more open to trade and foreign direct investment face greater competitive pressure than closed ones. Globalization critics are concerned that this pressure induces countries to lower labor standards in order to remain competitive and retain or attract foreign investment....

Based on a post-Keynesian model of the relationship between wages, prices and employment, this paper begins by studying the extent to which unit labour cost trends have been responsible for disinflation and deflationary tendencies in Germany and Europe. Thereafter, the reasons for the...

We use county data with 3,058 observations to study growth and convergence in the US. We assess the effect of 40 conditioning variables on the counties’ balanced growth paths. Using OLS and 3SLS-IV, the later yielding consistent estimates, we report estimates for the full sample and for metro,...

We study bilateral bargaining problems with interested third parties, the stakeholders that enjoy benefits upon a bilateral agreement. We explore the strategic implications of this third party involvement. Our main finding is that the potential willigness of the stake holders to make...