The Interaction of Monetary Policy and Wage Bargaining in the European Monetary Union PDF Download
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Author: S. Dullien
Publisher: Springer
ISBN: 0230006140
Category : Business & Economics
Languages : en
Pages : 276
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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: S. Dullien
Publisher: Springer
ISBN: 0230006140
Category : Business & Economics
Languages : en
Pages : 276
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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: 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: Philippe Pochet
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 294
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Book Description
The contributors to this study examine the ways in which monetary union will affect collective bargaining in the six states that are adhering to the principles laid down in the Maastricht Treaty on convergence and monetary union.'
Author: Michael Carlberg
Publisher: Springer Science & Business Media
ISBN: 3540369341
Category : Business & Economics
Languages : en
Pages : 314
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Book Description
This book studies interactions between monetary and wage policies in the Euro area, closely reviewing and discussing the process of policy competition and the structure of policy cooperation. On policy competition, the book focuses on competition between the European central bank, the American central bank, the German labour union, and the French labour union. As to policy cooperation, the focus is on the same institutions. Includes numerical simulations and solutions.
Author: Francesco Giordano
Publisher: Routledge
ISBN: 1136224092
Category : Business & Economics
Languages : en
Pages : 215
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Book Description
This book places the whole issue of monetary union in its wider political economic context. The authors discuss: * the effect of EMU on fiscal and monetary policies * Central bank independence * the impact of EMU on unemployment * ERM II * international perspectives. Drawing on their experience in the European financial markets, the authors use a non-technical approach to discuss these issues - both in a general european sense and more specifically, Germany, the UK and Italy.
Author: Michael Carlberg
Publisher: Springer Science & Business Media
ISBN: 9783540209140
Category : Business & Economics
Languages : en
Pages : 308
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Book Description
This book studies the interactions between monetary and fiscal policies in the Euro area. The policy makers are the union central bank, the German government, the French government and other governments. The policy targets are price stability in the union, full employment in Germany, full employment in France, etc. The policy instruments are union money supply, German government purchases, French government purchases, etc. As a rule, the spillovers of fiscal policy are negative. The policy makers follow either cold-turkey or gradualist strategies. The policy decisions are taken sequentially or simultaneously. Policy expectations are adaptive or rational. This book carefully discusses the case for central bank independence and fiscal cooperation.
Author: Michael Carlberg
Publisher: Springer Science & Business Media
ISBN: 3662044358
Category : Business & Economics
Languages : en
Pages : 258
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Book Description
This book explores the new economics of monetary union. It carefully discusses the effects of shocks and policies on output and prices. Shocks and policies are country-specific or common. They occur on the demand or supply side. Countries can differ in behavioural functions. Wages can be fixed, flexible, or slow. In addition, fixed wages and flexible wages can coexist. Take for instance fixed wages in Germany and flexible wages in France. Or take fixed wages in Europe and flexible wages in America. A special feature of this book is the numerical estimation of shock and policy multipliers. Further topics are inflation and disinflation. Take for instance inflation in Germany and price stability in France. Then what policy is needed for disinflation in the union? And what will be the dynamic effects on Germany and France?
Author: Alison Johnston
Publisher: Cornell University Press
ISBN: 1501703765
Category : Political Science
Languages : en
Pages : 248
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Book Description
What explains Eurozone member-states’ divergent exposure to Europe’s sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnston argues that Europe’s monetary union was structured in a way that advantaged the corporatist labor markets of its northern economies in external trade and financial lending. Northern Europe’s distinct economic advantage lay not with its fiscal capabilities, which were not that different from those of southern Eurozone countries, but with its wage-setting institutions. Through highly coordinated collective bargaining, the euro North persistently undercut the inflation performance of southern trading partners, destining them to a perpetual cycle of competitive decline and external borrowing. While northern Europe’s corporatist labor markets were always low inflation performers, monetary union ultimately made their wage-setting institutions toxic for the South. The euro’s institutional predecessor, the European Monetary System, included economic and institutional mechanisms that facilitated macroeconomic adjustment and convergence between the common currency’s corporatist and noncorporatist economies. Combining cross-national statistical analysis with detailed qualitative case studies of Denmark, Germany, Italy, Ireland, the Netherlands, and Spain, Johnston reveals that monetary union’s removal of these mechanisms allowed external imbalances between these two blocs to grow unchecked, underpinning the crisis in which Europe currently finds itself. Rather than achieving the EU’s goal of an ever-closer union, the common currency produced a monetary environment that destabilized the economic integration of its diverse labor markets.
Author: Peter A. Hall
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Eckhard Hein
Publisher:
ISBN:
Category :
Languages : en
Pages : 82
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Book Description
