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Reference: Gavin Cameron and Chris Wallace, (2002). Macroeconomic Performance in the Bretton Woods Era, And After. Department of Economics (University of Oxford).Citable link to this page:

 

Macroeconomic Performance in the Bretton Woods Era, And After. Series: Discussion paper series

Abstract: During the Bretton Woods era, OECD countries grew at historically unprecedentedrates. This Golden Age has many possible explanations, ranging from the return toliberal policies in international trade to a backlog of profitable growth opportunitiesafter the neglect of the 1930s and war-time damage. Eichengreen (1996) has arguedthat the proximate cause of the rapid growth was high investment, and that this highinvestment was made possible by certain institutions that were particularly well suitedto reconstruction and growth. On the domestic side, these institutions led to highinvestment rates and moderate wage claims. This paper interprets the interactionbetween unions and firms as a coordination game. The risk-dominant equilibrium isselected via a global game argument. Only small changes to the payoffs are necessaryto explain a change in the selected equilibrium, and therefore, the growth slowdown.

Bibliographic Details

Issue Date: 2002-10Identifiers

Urn: uuid:28f7889d-27f0-4502-a69c-88b312589389 Item Description

Type: info:eu-repo/semantics/workingPaper;

Language: en

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Author: Gavin Cameron - - - Chris Wallace - - - - Bibliographic Details Issue Date: 2002-10 - Identifiers Urn: uuid:28f7889d-27f0-4502-a6

Source: https://ora.ox.ac.uk/objects/uuid:28f7889d-27f0-4502-a69c-88b312589389



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