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Labor Market Structures and the Sacrifice Ratio.

Abstract:

Using OECD panel data for 1961–2000 we provide evidence that the output cost associated with disinflation (the sacrifice ratio) decreases with coordination between wage-setters in the labor market. The relationship holds for alternative measures of labor market coordination and after controlling for standard sacrifice ratio determinants. The sign of the relationship is robust across alternative definitions of the sacrifice ratio, but its statistical significance varies. Our results also indic...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Accepted Manuscript

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Publisher copy:
10.1016/j.jmacro.2010.01.003

Authors


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Institution:
University of Oxford
Luca Nunziata More by this author
Publisher:
Elsevier Inc. Publisher's website
Journal:
Journal of Macroeconomics Journal website
Volume:
32
Issue:
3
Publication date:
2010
DOI:
URN:
uuid:276362e8-2ba2-4f62-a33b-b7ba3a59ba89
Local pid:
oai:economics.ouls.ox.ac.uk:14595
Language:
English

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