The Interaction of Monetary Policy and Wage Bargaining in the European Monetary Union: Lessons from the...

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S. Dullien

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

Lessons from the Endogenous Money Approach

S. Dullien

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English

Palgrave Macmillan
11 October 2004

Monetary economics; Employment & unemployment; Political economy

Sebastian Dullien gives a novel explanation for unemployment and inflation in the Euro-Zone. He argues that unemployment stems from a lack of cooperation 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. Cooperation between both actors is necessary for high employment and low inflation. The current institutional set-up is found to be unable to assure cooperation.

By: S. Dullien
Imprint: Palgrave Macmillan
Country of Publication: United States
Edition: 2004 ed.
Dimensions: Height: 216mm, Width: 140mm, Spine: 22mm
Weight: 495g
ISBN: 9781403941510
ISBN 10: 1403941513
Pages: 276
Publication Date: 11 October 2004
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Introduction: The Unsolved Unemployment-Inflation Puzzle Development of Literature on Interaction of Monetary Policy and Wage Bargaining European Empirics Problem with Standard Approaches: Criticising the Real Balance Effect Monetary Policy Transmission in a World of Endogenous Money Output and Prices in a World Without the Real Balance Effect The Central Bank: Restrictions in a World of Endogenous Money Optimal Policy Mix and Logic of a Social Pact Conclusion

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 fur Wirtschaftsforschung. He also teaches at the Frele Universitat in Berlin.