By Anke Hassel
Politicians, economists, and social theorists are inclined to agree that globalization and neo-liberal fiscal coverage have contributed to the decline of the social compacts underlying conventional eu welfare states. lately, even if, social pacts have proven a magnificent resurgence, as governments throughout Europe dealing with helpful fiscal coverage changes have selected to view exchange unions as important negotiating companions instead of adversaries. salary surroundings, Social Pacts, and the Euro bargains a theoretical figuring out of the forces that experience resulted in this new figuring out, and of the demanding situations that expanding financial integration will proceed to pose.About the AuthorAnke Hassel is professor of public coverage on the Hertie tuition of Governance in Berlin. [C:\Users\Microsoft\Documents\Calibre Library]
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Additional info for Wage Setting, Social Pacts and the Euro: A New Role for the State
Thus governments have tried to avoid the negative consequences of the interaction of a non-accommodating monetary policy and non-responsive wage bargaining institutions, which can potentially carry high costs in terms of unemployment, loss of real output and interference with growth. indd 37 28-8-2006 15:43:10 at clearly indicating to wage bargaining actors that harmful effects of excessive wage increases will be punished. The chapter is divided into four sections. The first section traces the history of the relationship between government economic policy and wages, and concludes that, in terms of previous experiences and economic theory, there is little or no reason for governments to intervene in wage bargaining.
A crucial reason was that the economic, social and political landscape had changed so fundamentally in many advanced countries that a tolerable degree of price stability could not be achieved by reducing demand, since the potential costs of demand reduction in terms of unemployment, loss of real output and growth had grown to a level that would not have been supported by the electorate and the public as a whole. Economically, the European post-war economies did not resemble the inter-war situation.
Rational expectations were introduced into economic modelling. The theory recognized that people’s expectations are highly responsive to policy and hence that expectations matter for assessing the impact of monetary and fiscal policy. In two major contributions, Friedman (1968) and Phelps (1967) explained how a sloping short-term Phillips curve would transmute, once expectations begin to adjust, into a vertical (or even backwards-bending) Phillips curve. The vertical Phillips curve showed that there could be any level of inflation at a given (natural) level of unemployment.
Wage Setting, Social Pacts and the Euro: A New Role for the State by Anke Hassel