Assessing the effects of monetary policy and wage bargaining on employment andinflation in the European Monetary Union (EMU), the first step sees development of a Post-Keynesian competitive claims model of inflation with endogenous money. In this model the NAIRU is considered to be a short-run...

Assessing the effects of monetary policy and wage bargaining on employment andinflation in the European Monetary Union (EMU), the first step sees development of a Post-Keynesian competitive claims model of inflation with endogenous money. In this model the NAIRU is considered to be a short-run...

The paper questions the predominant view on unemployment and wages in the European Union according to which high unemployment is primarily caused by labour market rigidities, i.e. social institutions and regulations which prevent ?market-clearing? real wage levels and structures. It is shown...

The paper questions the predominant view on unemployment and wages in the European Union according to which high unemployment is primarily caused by labour market rigidities, i.e. social institutions and regulations which prevent market-clearingʺ real wage levels and structures. It is shown...