The Interaction of Monetary Policy and Wage Bargaining in the European Monetary Union
Lessons from the Endogenous Money Approach| By: | S. Dullien |
| Publisher: | Springer Nature |
| Print ISBN: | 9781403941510 |
| eText ISBN: | 9780230006140 |
| Edition: | 0 |
| Copyright: | 2004 |
| Format: | Page Fidelity |
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Sebastian Dullien gives a novel explanation for unemployment and inflation in the Euro-Zone. He argues that unemployment stems from a lack of co-operation 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. Co-operation between both actors is necessary for high employment and low inflation. The current institutional set-up is found to be unable to assure cooperation.