Comment on R. Jackman, “Counterinflationary Policy in a Unionised Economy with Nonsynchronized Wage Setting”

Abstract

Until quite recently there has been a dearth of interesting models which capture relevant features of the wage formation process in a unionised economy and which enable appropriate intervention policies to be analysed. There has been, for example, virtually no theoretical framework for assessing the consequences of an incomes policy. However, recent years have seen developments in this area; although we still have a long way to go before we reach an adequate understanding of some of these matters, there have been some significant advances in the last few years and the paper by Richard Jackman is an important contribution to the literature.