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Monetary policy rules have been considered as fundamental protection against inflation. However, empirical evidence for … a correlation between rules and inflation is relatively weak. In this paper, we first discuss likely causes for this …
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Monetary policy rules have been considered as fundamental protection against inflation. However, empirical evidence for … a correlation between rules and inflation is relatively weak. In this paper, we first discuss likely causes for this …
Persistent link: https://www.econbiz.de/10010209948
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Conventional theory predicts that productivity gains lead to pay hikes. Pay increases, however, can influence labor productivity. But what about in a corporatist economy? Focusing on Germany, we use an innovative technique developed by Geweke to disentangle the relationship between pay and...
Persistent link: https://www.econbiz.de/10011413818
efficiency benefit of corporatism. For laborers in manufacturing, we find that wage hikes result in productivity gains. Managers …
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