The Interaction Of Monetary Policy And Wage Bargaining In The European Monetary Union
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The Interaction of Monetary Policy and Wage Bargaining in the European Monetary Union
Author | : S. Dullien |
Publisher | : Springer |
Total Pages | : 291 |
Release | : 2004-10-11 |
Genre | : Business & Economics |
ISBN | : 0230006140 |
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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.
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