The Interaction of Monetary Policy and Wage Bargaining in the European Monetary Union
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.
| Autor: | Dullien, S. |
|---|---|
| ISBN: | 9781349520800 |
| Sprache: | Englisch |
| Seitenzahl: | 276 |
| Produktart: | Kartoniert / Broschiert |
| Verlag: | Palgrave Macmillan UK |
| Veröffentlicht: | 01.01.2004 |
| Untertitel: | Lessons from the Endogenous Money Approach |
| Schlagworte: | Inflation employment monetary policy monetary union money unemployment unions |
SEBASTIAN DULLIEN is Economics Correspondent at the Financial Times Deutschland , the German language edition of the FT. Previously he worked as a short term expert for the Deutsches Institut für Wirtschaftsforschung. He also teaches at the Freie Universität in Berlin.