In descending order of robustness and strength, the four major conclusions are: (i) the experience of industrial countries in the postwar period indicates that a large welfare state has been associated with a high rate of economic growth; (ii) the Olson thesis that powerful special interest...

Assuming that actual monetary policy is nonaccommodating in the face of po sitive wage or price shocks, this paper compares the case where the p ublic is aware that policy is nonaccommodating (the "credible" case ) with the case where the public believes that policy will be accommo dating (the...

In the absence of adverse price shocks, the neo-Keynesian Phillips curve states that wage settlements will be falling whenever unemployment exceeds its natural level. Yet Canadian wage settlements have been stable since 1984 despite very high levels of unemployment. Three possible explanations...

Recent reviews indicate that research on wealth in Australia has been limited by a lack of reliable data. The Economic Consequences of Marital Breakdown Survey containing data on the wealth of couples about to divorce, and items from the National Social Science Survey, provide new data for...

Reduced-form unemployment equations containing aggregate demand, structural, and frictional variables are estimated for Canada and the United States. Post-1981 increases in unemployment rates are explained almost entirely by aggr egate demand variables, although structural/sectoral variables...