Berger, Helge; Hefeker, Carsten; Schöb, Ronnie - 2001
actually be welfare reducing if the trade union has an exogenously given preference against inflation. We reframe this … discussion in a standard trade union model. We show that the case against the conservative central banker rests exclusively on … terms. As the nominal components of the trade union s outside option are mainly public transfers, we also show that the …