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This paper proposes a conceptual framework that makes it possible to investigate the effects of central bank independence, the degree of centralization of wage bargaining and the interaction between those institutional variables on the real wage, unemployment and inflation. This is done by...
Persistent link: https://www.econbiz.de/10005111579
This paper extends the closed economy analysis of strategic interaction between labor unions and the monetary authority in Lippi (REStud 2003) to a two-country open economy framework. It sheds light on the real effect of foreign central bank conservatism, which�through a strategic mechanism...
Persistent link: https://www.econbiz.de/10009144906
The article surveys the main actions, either defined by social partners or by government intervention, which have attempted to encourage firm-level bargaining decentralization in recent years. The overall structure and the relative importance of different levels of bargaining have not however...
Persistent link: https://www.econbiz.de/10011100345
Price versus productivity indexing is considered in a model of monetary policy with wage bargaining. The wage-indexing rule is negotiated in a first stage of the game between government, union and firm.
Persistent link: https://www.econbiz.de/10005671385
From a financial standpoint, the mechanics of the carry trade has been recently examined in Brunnermeier et al. (2009). They showed that shocks to interest rate differentials lead to carry trade activity and to significant reactions in the bilateral exchange rates vis-a-vis the US dollar that...
Persistent link: https://www.econbiz.de/10009320179
This paper investigates the relationship between futures prices and financial investments in derivatives of the main agricultural commodities. We first provide a broad picture of how these markets function and how they have evolved, showing that traders who deal mostly in commodity index...
Persistent link: https://www.econbiz.de/10009645788
Estimates of the real term structure for the euro area implied by French index-linked bonds are obtained by means of a smoothing spline methodology. The real term structure allows computation of the constant-maturity inflation compensation, which is compared with the surveyed inflation...
Persistent link: https://www.econbiz.de/10009645794