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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

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Publisher copy:
10.1016/j.jmacro.2010.01.003

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Institution:
University of Oxford
Role:
Author
Publisher:
Elsevier Publisher's website
Journal:
Journal of Macroeconomics Journal website
Volume:
32
Issue:
3
Pages:
816 - 826
Publication date:
2010-01-01
DOI:
ISSN:
0164-0704
Language:
English
UUID:
uuid:276362e8-2ba2-4f62-a33b-b7ba3a59ba89
Local pid:
oai:economics.ouls.ox.ac.uk:14595
Deposit date:
2011-08-16

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