The interaction of monetary policy and wage bargaining in the European monetary Union :

The interaction of monetary policy and wage bargaining in the European monetary Union : Lessons from the endogenous money approach

Sebastian Dullien gives a novel explanation for unemployment and inflation in the Euro-Zone. He argues that unemployment stems from a lack of cooperation between unions and monetary authorities: In an economy with endogenous money as EMU, wage setters are responsible for price stability while the ce...

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Autore principale: Dullien, Sebastian
Natura: Libro
Lingua:Undetermined
Pubblicazione: New York Palgrave Macmillan 2004
Soggetti:
Economic and monetary Union,Unemployment,Inflation (finance),Collective bargaining,Wages,Monetary policy,Banks and banking
European Union countries,European Union countries,European Union countries,European Union countries,European Union countries,European Union countries
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Riassunto:Sebastian Dullien gives a novel explanation for unemployment and inflation in the Euro-Zone. He argues that unemployment stems from a lack of cooperation 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. Cooperation between both actors is necessary for high employment and low inflation. The current institutional set-up is found to be unable to assure cooperation.

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