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The Interaction of Monetary Policy and Wage Bargaining in the European Monetary Union

Lessons from the Endogenous Money Approach

  • Book
  • © 2004

Overview

Authors:
  1. Sebastian Dullien

    1. Financial Times Deutschland, Germany

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Table of contents (8 chapters)

  1. Front Matter

    Pages i-xiv
    Download chapter PDF

  2. Introduction: The unsolved unemployment–inflation puzzle

    • Sebastian Dullien
    Pages 1-10

  3. Bargaining structures and the central bank: Literature and empirics

    • Sebastian Dullien
    Pages 11-47

  4. The real balance effect: Shortcomings

    • Sebastian Dullien
    Pages 48-75

  5. Monetary policy transmission in a world of endogenous money

    • Sebastian Dullien
    Pages 76-96

  6. Output and prices in a world without the real balance effect

    • Sebastian Dullien
    Pages 97-148

  7. The central bank: Restrictions in a world of endogenous money

    • Sebastian Dullien
    Pages 149-193

  8. The optimal policy mix and logic of a social pact

    • Sebastian Dullien
    Pages 194-227

  9. Conclusions and outlook

    • Sebastian Dullien
    Pages 228-231

  10. Back Matter

    Pages 232-276
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Keywords

About this book

Sebastian Dullien gives a novel explanation for unemployment and inflation in the Euro-Zone. He argues that unemployment stems from a lack of co-operation between unions and monetary authorities: In an economy with endogenous money as EMU, wage setters are responsible for price stability while the central bank is responsible for the level of output. Co-operation between both actors is necessary for high employment and low inflation. The current institutional set-up is found to be unable to assure cooperation.

Authors and Affiliations

  • Financial Times Deutschland, Germany

    Sebastian Dullien

About the author

SEBASTIAN DULLIEN is Economics Correspondent at the Financial Times Deutschland, the German language edition of the FT. Previously he worked as a short term expert for the Deutsches Institut für Wirtschaftsforschung. He also teaches at the Freie Universität in Berlin.

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