investigate the effects of corporatism on macroeconomic performance vis-à-vis different kinds of non-co-operative equilibria …. Afterwards, we introduce in the literature the issue of the feasibility of corporatism, i.e., whether and under what conditions … difficult to implement corporatism, although it generally increases social welfare, since it often reduces the union’s utility …

This paper investigates the effects of cooperation (corporatism) on macroeconomic performance by considering a rather … the Nash product solution. We find that it is difficult to implement corporatism, although it generally increases social … welfare, since it often reduces the union’s utility. In particular, we show that an inflation-neutral union will never find it …

panel regressions, the paper finds a negative relationship between legal central bank independence (CBI) and inflation. This … result holds for three alternative measures of CBI, and after controlling for international inflation, banking crises, and … paper fails, however, to find a causal relationship running from CBI to inflation. …

correlated with low inflation rates. By taking the endogeneity of CBI into account, however, there is no reason to believe the … correlation between CBI and low inflation tells us anything about causality. …

The paper offers a new explanation for the cause of the Great Inflation by constructing a model that explicitly … separates the roles of government and monetary policymakers. A mechanism that inflation can accelerate even if an inflation … target is low is uncovered. The model solves the puzzle of the observed high inflation target during the Great Inflation and …