independence and labour market institutions on macroeconomic performance are considered and the perspectives for employ¬ment and … to prevent the rate of unemployment from falling below the NAIRU. But price stability also depends on labour market … institutions. Horizontally and vertically co-ordinated wage bargaining allows for a considerable reduction of the NAIRU and hence …

Recent Post-Keynesian proposals for an economic policy to overcome stagnation and mass unemployment also stress the …