Existing literature on the strategic interaction between the central bank (CB) and unions assumes that firms face perfect competition on product markets and that inflation is chosen directly by the monetary authority. Although these simplifications have the virtue of making complex strategic...

In many democratic countries immigrants obtain voting rights only after seveal years. This paper provides an explanation for this phenomenon in the framework of a dynamic migration model of two countries (North-South). In this framework individuals differ in their preferences regarding the...

The purpose of this paper is to identify the factors which determine the strength of commitment that policymakers choose to back up a fixed exchange rate system. In practice the commitment level is achieved by choosing a particular set of monetary and exchange rate arrangements. The authors...