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

By: S. Dullien

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ISBN
9780230006140
Date Released
Binding
eBook
 
 

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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.
ISBN:
9780230006140
Publication Date:
11 / 10 / 2004

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