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welfare gain associated with making the central bank less conservative than society, however if the outside option is in real … of central bank conservatism. …
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demand channel of monetary policy, but not both. This leads to two opposing views about the effects of central bank … central bank. We also evaluate the effects of centralization of wage bargaining and product market competition on unemployment …
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nowelfare gain associated with making the central bank less conservative than society, however if the outside option is in real … of central bank conservativism. …
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Existing literature on the strategic interaction between the central bank (CR) and unions assumes that firms face … reduces both inflation and unemployment sufficiently to make the appointment of such a bank socially optimal. Intuitively when …
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