This book helps explain one of the most intriguing and politically
salient puzzles in comparative political economy: why some
countries have much higher unemployment rates than others. Contrary
to new classical economics the focus is on explaining distribution
and equilibrium unemployment, and contrary to neo-corporatist
theory the role of monetary policy and rational expectation is
integral to the analysis. The book makes two central arguments. The
first is that monetary policies affect equilibrium employment
whenever wages are set above the firm level. The second argument
focuses on the distributive effects of different institutions, and
models institutional design as a strategic game between partisan
governments and cross-class alliances of unions and employers.
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