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Monetary policy and wage bargaining in the EMU: restrictive ECB policies, high unemployment, nominal wage restraint and rising inflation
[Arbeitspapier]
Körperschaftlicher Herausgeber
Wirtschafts- und Sozialwissenschaftliches Institut in der Hans-Böckler-Stiftung
Abstract "Assessing the effects of monetary policy and wage bargaining on employment and inflation in
the European Monetary Union (EMU), in the first step a Post-Keynesian competitive claims
model of inflation with endogenous money is developed. In this model the NAIRU is
considered to be a short-run limit t... mehr
"Assessing the effects of monetary policy and wage bargaining on employment and inflation in
the European Monetary Union (EMU), in the first step a Post-Keynesian competitive claims
model of inflation with endogenous money is developed. In this model the NAIRU is
considered to be a short-run limit to employment enforced by independent and conservative
central banks. In the long run, however, the NAIRU will follow actual unemployment and is
therefore also dependent on the forces determining aggregate demand, including monetary
policies. But the NAIRU may also be reduced by effectively co-ordinated wage bargaining as
has been shown by institutional political economists. Applying these considerations to the
economic performance of the EMU, different scenarios determined by wage bargaining coordination
and the European Central Bank's (ECB) monetary policies are developed. It is
shown that the first phase of EMU was dominated by uncoordinated wage bargaining across
EMU and an "anti-growth-bias" of the ECB. Therefore, the Euro area was plagued with
nominal wage restraint, high unemployment and rising inflation. Economic performance will
improve if the ECB abandons its asymmetric monetary strategy. This may be facilitated by a
higher degree of effective wage bargaining co-ordination across EMU." (author's abstract)... weniger
Thesaurusschlagwörter
Wirtschaftspolitik; Arbeitslosigkeit; Tarifverhandlung; Geldpolitik; Europäische Zentralbank; Beschäftigungseffekt; Währungsunion; Inflation; EU; Lohn
Klassifikation
Europapolitik
Wirtschaftspolitik
Freie Schlagwörter
European Monetary Union; monetary policy; wage bargaining; inflation and employment
Sprache Dokument
Englisch
Publikationsjahr
2002
Erscheinungsort
Düsseldorf
Seitenangabe
32 S.
Schriftenreihe
WSI-Diskussionspapier, 103
Lizenz
Deposit Licence - Keine Weiterverbreitung, keine Bearbeitung
DatenlieferantDieser Metadatensatz wurde vom Sondersammelgebiet Sozialwissenschaften (USB Köln) erstellt.