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The Political Economy of Inflation: Bargaining Structure or Central Bank Independence? Erratum

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  • Iversen, Torben

Abstract

The causes of inflation are commonly analyzed as the function of either the organization of wage bargaining or the independence of the central bank. Although these explanations are widely treated as competing, recent evidence suggests that there may be merit to both arguments. This paper presents a game-theoretic model of wage bargaining and monetary policy-making that shows why the two institutional causes are not only complementary, but elements of a more encompassing logic. The empirical superiority of this synthesizing model is demonstrated by reanalyzing data used in Al-Marhubi and Willett (1995) and by presenting new evidence. Copyright 1999 by Kluwer Academic Publishers

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  • Iversen, Torben, 1999. "The Political Economy of Inflation: Bargaining Structure or Central Bank Independence? Erratum," Public Choice, Springer, vol. 101(3-4), pages 285-306, December.
    • Handle: RePEc:kap:pubcho:v:101:y:1999:i:3-4:p:285-306
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    Cited by:

    1. Vaubel, Roland, 1999. "The Future of the Euro : A Public Choice Perspective," Discussion Papers 570, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.
    2. Daniels, Joseph P. & Nourzad, Farrokh & VanHoose, David D., 2006. "Openness, centralized wage bargaining, and inflation," European Journal of Political Economy, Elsevier, vol. 22(4), pages 969-988, December.
    3. Hein, Eckhard, 2001. "Institutions and Macroeconomic Performance: Central Bank Independence, Labour Market Institutions and the Perspectives for Inflation and Employment in the European Monetary Union," MPRA Paper 18880, University Library of Munich, Germany.
    4. Arabzadeh, Hamzeh, 2022. "Wage centralization and the political economy of budget deficits," European Journal of Political Economy, Elsevier, vol. 74(C).
    5. Binder, Carola, 2019. "Inequality and the inflation tax," Journal of Macroeconomics, Elsevier, vol. 61(C), pages 1-1.
    6. Jeroen Klomp & Jakob De Haan, 2010. "Inflation And Central Bank Independence: A Meta‐Regression Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 24(4), pages 593-621, September.
    7. Kari Heimonen & Aleksandra Maslowska-Jokinen, 2014. "Central bank independence and sovereign debt crisis. Any link?," Discussion Papers 93, Aboa Centre for Economics.

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