haku: @indexterm WAGE DETERMINATION / yhteensä: 225
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| Tekijä: | Scherf, H. |
| Otsikko: | Lohnpolitik und Geldpolitik (Wage policy and monetary policy) |
| Lehti: | Jahrbuch der Absatz- und Verbrauchsforschung
1987 : NR. 3, p. 181-182 |
| Asiasana: | MONETARY POLICY WAGE DETERMINATION |
| Kieli: | ger |
| Tiivistelmä: | It is not true that monetary policy is responsible for the price level and the wage policy for employment. They are interdependent. In modern industrial societies wages determine the price level rather than monetary policy. The regulation of the quantity of money and flexible exchange rate could not shield real economy from monetary shocks. Restrictive monetary policy caused recession and unemployment. Institutional environment has to be taken into account. In a temporary oversupply of labour caused by demographic circumstances as the FRG experiences, one cannot rely on market signals exclusively. |
SCIMA