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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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.
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