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Classical Unemployment, Accommodation Policies and the Adjustment of Real Wages

In: Trade Unions, Wage Formation and Macroeconomic Stability

Author

Listed:
  • Lars Calmfors

    (Institute for International Economic Studies)

  • Henrik Horn

    (Institute for International Economic Studies)

Abstract

A model of wage formation and stabilization policy in economies with strong trade unions is developed. The analysis provides a theoretical underpinning for the assertion that accommodation policies may cause wage inflation and ultimately reduce employment. Various methods of accomplishing a real wage adjustment are discussed: (I) a policy of complete nonaccommodation; (2) continued accommodation policies but with lower employment targets; (3) social contracts; and (4) tax-based incomes policies (TIP).

Suggested Citation

  • Lars Calmfors & Henrik Horn, 1986. "Classical Unemployment, Accommodation Policies and the Adjustment of Real Wages," Palgrave Macmillan Books, in: Lars Calmfors & Henrik Horn (ed.), Trade Unions, Wage Formation and Macroeconomic Stability, pages 92-119, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08596-5_6
    DOI: 10.1007/978-1-349-08596-5_6
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    Cited by:

    1. Vijlbrief, J.A. & Wijngaert, R.F., 1991. "Unions and the link : wage determination by a single encompassing trade union when unemployment benefits are linked to wages," Serie Research Memoranda 0062, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.

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