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Institutions and macroeconomic performance: Central Bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union
[working paper]
Corporate Editor
Wirtschafts- und Sozialwissenschaftliches Institut in der Hans-Böckler-Stiftung
Abstract "Starting from a Post-Keynesian model in which employment is determined by effective demand
and the NAIRU is viewed as a limit to employment, enforced by monetary policy reacting
upon conflict inflation, the effects of central bank independence and labour market
institutions on macroeconomic perform... view more
"Starting from a Post-Keynesian model in which employment is determined by effective demand
and the NAIRU is viewed as a limit to employment, enforced by monetary policy reacting
upon conflict inflation, the effects of central bank independence and labour market
institutions on macroeconomic performance are considered and the perspectives for employment
and inflation in the European Monetary Union are discussed. Central bank independence
seems to be associated with stable prices and to prevent the rate of unemployment from
falling below the NAIRU. But price stability also depends on labour market institutions.
Horizontally and vertically co-ordinated wage bargaining allows for a considerable reduction
of the NAIRU and hence of the real costs of price stability. Therefore, the perspectives for
employment and inflation in the European Monetary Union depend on the development of the
degree of co-ordination of wage bargaining and on the monetary strategy chosen by the independent
European Central Bank. Different scenarios derived from these determinants are finally
discussed." (author's abstract)... view less
Keywords
EU; monetary union; wage; central bank; monetary policy; inflation; collective bargaining; unemployment; labor market
Classification
European Politics
Economic Policy
Document language
English
Publication Year
2001
City
Düsseldorf
Page/Pages
30 p.
Series
WSI-Diskussionspapier, 95
Licence
Deposit Licence - No Redistribution, No Modifications
Data providerThis metadata entry was indexed by the Special Subject Collection Social Sciences, USB Cologne