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Strategic monetary policy with non-atomistic wage setters

Lippi, Francesco (2003) Strategic monetary policy with non-atomistic wage setters. Review of Economic Studies, Vol. 70 (4), p. 909-919. eISSN 1467-937X. Article.

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DOI: 10.1111/1467-937x.t01-1-00263

Abstract

Monetary policy analyses usually assume an atomistic private sector, thereby ignoring potential interactions between policy and wage-setting decisions. Yet, non-atomistic wage setters are a key feature of several industrialized economies. We study the economic consequence of non-atomistic agents and show that this qualifies previous results on the effects and desirability of a conservative central banker. In particular, the central bank aversion to inflation may have a permanent effect on structural employment, while no such effect emerges with atomistic agents.

Item Type:Article
ID Code:2354
Status:Published
Refereed:Yes
Uncontrolled Keywords:Monetary policy, models, inflation
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Divisions:001 Università di Sassari > 01 Dipartimenti > Economia, impresa, regolamentazione
Publisher:Blackwell / Wiley
eISSN:1467-937X
Copyright Holders:© The Review of Economic Studies
Deposited On:18 Aug 2009 10:07

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