Mixed Signals: Central Bank Independence, Coordinated Wage Bargaining, and European Monetary Union PDF Download
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Author: Peter A. Hall
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Peter A. Hall
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Robert Franzese
Publisher: Springer Science & Business Media
ISBN: 147574062X
Category : Business & Economics
Languages : en
Pages : 276
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Book Description
This important collection presents an authoritative selection of papers on "Institutional Conflicts and Complementarities" This publication is intent on building bridges between economics and the other social sciences. The focus is on the interaction between monetary policy and wage bargaining institutions in European Monetary Union (EMU). Institutional Conflicts and Complementarities is written by acknowledged experts in their field. The outcome is a broad analysis of the interactions of labour market actors and central banks. The volume addresses the recent changes in EMU. An important theoretical, empirical, and policy-relevant conclusion that emerges from Institutional Conflicts and Complementarities is that even perfectly credible monetary conservatism has long-term real effects, even in equilibrium models with fully rational expectations.
Author: Peter A. Hall
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: S. Dullien
Publisher: Springer
ISBN: 0230006140
Category : Business & Economics
Languages : en
Pages : 291
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Book Description
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.
Author: Eckhard Hein
Publisher:
ISBN:
Category :
Languages : en
Pages : 82
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Author: Bob Hancké
Publisher: OUP Oxford
ISBN: 019163820X
Category : Business & Economics
Languages : en
Pages : 147
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Book Description
This book examines the crisis of EMU through the lenses of comparative political economy. It retraces the development of wage-setting systems in the core and peripheral EMU member states, and how these contributed to the increasing divergence between creditor and debtor states in the late 2000s. Starting with the construction of the Deutschmark bloc, through the Maastricht process of the 1990s, and into the first decade of EMU, this book analyzes how labour unions and wage determination systems adjusted in response to monetary integration and, in turn, influenced the shape that monetary union would eventually take. Before the introduction of the Euro, labour unions were disciplined by central banks and governments, after social conflict in the north of the continent and with the use of social pacts in the others. Since controlling inflation had become the main goal of macro-economic policy, national central banks acted as a backstop to keep militant unions and profligate governments under control. Public sector wages thus were subordinated to manufacturing wages, a set-up policed by export sector unions, aided by the central bank. With the introduction of the single currency, the European Central Bank replaced the national central banks and, as a result, their capacity to control labour unions disappeared. The strong links between wages in the public sector unions and wages in the manufacturing export sector weakened dramatically in many countries, wage inflation re-emerged, and the stage was set for the current account divergences at the basis of the crisis of EMU.
Author: Franz Traxler
Publisher:
ISBN:
Category : Collective bargaining
Languages : en
Pages : 48
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Author: David Soskice
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Little attention in the EMU literature has been paid to the interaction between central bank monetary rules and systems of collective wage bargaining. Analytically and empirically, coordinated wage-bargaining systems respond with real wage restraint to non-accommodating monetary policy. Since wage determination is dominated by collective bargaining in all the EMU member states and wage coordination within the member states has grown since 1980, this is a topic of potential importance. In particular, the replacement of the Bundesbank, directly targeting German inflation, by a European Central Bank (ECB) targeting European inflation will remove a major institutional support of wage restraint in Germany. The consequences of this for EMU are worked out under two scenarios, that inflation expectations will be generated by ECB monetary policy and that they will reflect German inflation outcomes. Possible institutional developments are discussed including government?union bargains. The Bundesbank also played a major role in maintaining fiscal rectitude: for underlying structural reasons, therefore, it is possible that Germany will move to a period of fiscal activism with wage restraint and low inflation purchased through social contract negotiations.
Author: C. Tognato
Publisher: Springer
ISBN: 1137268832
Category : Political Science
Languages : en
Pages : 215
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Book Description
By engaging in an ethnography of the social text of German, European and USA monetary affairs, this book introduces a new analytical framework that will enable practitioners and academics, particularly within sociology, economics, political economy, and political science, to gain a clear understanding of the role of culture in central banking.
Author: Ignazio Angeloni
Publisher: Cambridge University Press
ISBN: 9780521828642
Category : Business & Economics
Languages : en
Pages : 398
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Book Description
A systematic analysis of the impact of European Central Bank monetary policy on Eurozone national economies, first published in 2003.
