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| Author: | Coricelli, F. Cukierman, A. Dalmazzo, A. |
| Title: | Monetary institutions, monopolistic competition, unionized labor markets and economic performance |
| Journal: | Scandinavian Journal of Economics
2006 : VOL. 108:1, p. 39-63 |
| Index terms: | central banks monetary policy bargaining monopoly |
| Language: | eng |
| Abstract: | In this paper a general equilibrium framework is developed and it features both aggregate supply and aggregate demand transmission channels of monetary policy. Findings show that: the effect of conservativeness on employment depends on unions' relative aversion to unemployment versus inflation and when unions care more about unemployment among their members than about inflation, an ultraconservative CB reduces both inflation and unemployment to their minimal possible levels. |
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