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| Author: | Iversen, T. |
| Title: | Wage bargaining, Central Bank independence, and the real effects of money |
| Journal: | International Organization
1998 : SUMMER, VOL. 52:3, p. 469-504 |
| Index terms: | PAY BARGAINING MONEY |
| Language: | eng |
| Abstract: | It is well known that high international financial capital mobility undermines monetary policy autonomy when exchange rates are fixed. Even in semifixed exchange rate systems of the sort currently adhered to by most OECD countries, high capital mobility implies that independent and inflationary monetary policies are made more costly through interest- rate risk premiums. However, gauging the economic and institutional consequences of increased financial capital mobility is not possible without a model of the way monetary regimes interact with nationally specific institutions. |
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