The Interaction of Monetary Policy and Wage Bargaining in the European Monetary Union

Lessons from the Endogenous Money Approach

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Paperback, blz. | Engels
Palgrave Macmillan UK | e druk, 2004
ISBN13: 9781349520800
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Palgrave Macmillan UK e druk, 2004 9781349520800
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Sebastian Dullien gives a novel explanation for unemployment and inflation in the Euro-Zone. He argues that unemployment stems from a lack of co-operation between unions and monetary authorities: In an economy with endogenous money as EMU, wage setters are responsible for price stability while the central bank is responsible for the level of output. Co-operation between both actors is necessary for high employment and low inflation. The current institutional set-up is found to be unable to assure cooperation.

Specificaties

ISBN13:9781349520800
Taal:Engels
Bindwijze:paperback
Uitgever:Palgrave Macmillan UK

Inhoudsopgave

Introduction: The Unsolved Unemployment-Inflation Puzzle Development of Literature on Interaction of Monetary Policy and Wage Bargaining European Empirics Problem with Standard Approaches: Criticising the Real Balance Effect Monetary Policy Transmission in a World of Endogenous Money Output and Prices in a World Without the Real Balance Effect The Central Bank: Restrictions in a World of Endogenous Money Optimal Policy Mix and Logic of a Social Pact Conclusion

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        The Interaction of Monetary Policy and Wage Bargaining in the European Monetary Union