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https://hdl.handle.net/1889/876
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DC Field | Value | Language |
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dc.contributor.author | Cuciniello, Vincenzo | - |
dc.date.accessioned | 2008-06-06T11:07:07Z | - |
dc.date.available | 2008-06-06T11:07:07Z | - |
dc.date.issued | 2008-06-06T11:07:07Z | - |
dc.identifier.uri | http://hdl.handle.net/1889/876 | - |
dc.description.abstract | In a micro-founded framework in line with the new open economy macroeconomics, the paper shows that a centralized wage setting (CWS) and central bank conservatism (CBC) curb unemployment only if labor market distortions are sizeable. When labor distortions are su¢ ciently low, employment may be maximized by atomistic wage setters or a pop- ulist CB. The comparison between the national monetary policy (NMP) regime and the monetary union (MU) reveals that a move to a MU boosts in ation in the absence of strategic e¤ects. However, when strategic inter- actions between CB(s) and trade unions are taken into account, the shift to a MU unambiguously increases welfare and employment when monopoly distortions are sizeable either in presence of a su¢ ciently conservative CB or with fully CWS. Conversely, when labor market distortions are less rel- evant, the paper shows that an ultra-populist CB or atomistic wage setters are optimal for the society and a shift to a MU regime is unambiguously welfare improving. | en |
dc.language.iso | Inglese | en |
dc.subject | Central bank conservatism | en |
dc.subject | Centralization of wage setting | en |
dc.title | Optimal monetary policy in a monetary union with non-atomistic wage setters | en |
dc.type | Conference lecture | en |
dc.contributor.sponsor | University of Siena | - |
dc.subject.miur | SECS- P/02 - Politica economica | en |
dc.subject.JEL | E2 | en |
dc.subject.JEL | E42 | en |
dc.subject.JEL | E5 | en |
dc.subject.JEL | F31 | en |
dc.subject.JEL | F41 | en |
dc.description.fulltext | open | en |
Appears in Collections: | XVI Conferenza Scientifica Nazionale AISSEC |
Files in This Item:
File | Description | Size | Format | |
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231_Cuciniello.pdf | 446.04 kB | Adobe PDF | View/Open |
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