behavior of firms and labor unions when firms threaten to use temporary agency employment in the bargaining process, 2) to … temporary agency employment to dampen the wage claims of labor unions. Furthermore, the model discusses how labor unions … optimally behave and respond to these threats. It is shown that labor unions may find it optimal to accept lower wages to …

in federal monetary unions at the example of the EMU and Fed System. Settlement in the Fed’s ISA system is analyzed and … monetary unions. …