From first- to second-generation social pacts

摘要: AbstractIn this paper we analyze macroeconomic interactions among tradeunions, the central bank and –scal policymaker. We explicitlymodel unions™concern for public expenditure, paving way ananalysis of potential gains from cooperation between pol-icymaker unions, i.e. so-called corporatist or social pactsthat have characterized economic policies in a number Europeancountries last few decades.Jel: E42, E58, E61, E62, E64, H30, J51, J58.Keywords: Corporatism, trade policy, monetary con-servativeness, policy game. 1 Introduction Inthispaperweanalyzemacroeconomicinteractionsamongtradeunions, thecentral explicitly model unions™concernforpublicexpenditure, pavingthewayforananalysisofthepotentialgains policymaker unions,i.e. pacts that economicpolicies European countries decades.Theoreticalanalysesofmacroeconomicoutcomesincorporatisteconomiesare relatively scarce. In 1980s, Cameron (1984) Tarantelli (1986,