Previous papers modeling the interaction between the central bank and a single monopoly union demonstrated that greater monetary policy uncertainty reduces the union's nominal wage. This paper shows that this result does not hold in general, since it depends on peculiar specifications of the...

Note: Jean-Paul Fitoussi, the distinguished French economist, was a member and great friend of the Center on Capitalism and Society. He died on April 15, 2022, at age 79. In this issue of the journal, we present a selection of tributes that were delivered on September 30, 2022, at the center’s...