Berger, Helge; Hefeker, Carsten; Schöb, Ronnie - In: IMF Staff Papers 51 (2004) 3, pp. 585-605
The "conservative central banker" has come under attack recently. Explicitly modeling the interaction of a trade union with monetary policy, it has been argued that the standard solution to the inflationary bias in monetary policy might actually be welfare-reducing if the trade union has an...