Social pacts, while improving macroeconomic performance, usually impose costs on unions. To facilitate the formation of such pacts, various substitutes can operate, such as the payment of transfers or, to some extent, the conservativeness of the government, union’s inflation aversion or political partisanship.Social pacts; side payments; conservativeness; partisanship; unions

Acocella, Nicola

Di Bartolomeo, Giovanni

English

Research Papers in Economics

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The Cost of Social Pacts

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