| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2773 |
| DP2773 Education, Social Cohesion and Economic Growth | |
| Moshe Justman; Mark Gradstein | |
| 发表日期 | 2001-04-24 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | Most monetary policy analyses assume an atomistic private sector, thereby ignoring strategic interactions between policy and wage-setting decisions. Yet, non-atomistic wage-setters are a key feature of several industrialized economies. We study the economic consequences of non-atomistic agents and show that this qualifies previous results on the effects and desirability of conservative central bankers. In particular, the central bank aversion to inflation may have a permanent effect on structural employment, while no such effect emerges with atomistic agents. This prediction is consistent with evidence that unemployment is positively associated with conservatism in countries where wage-setting is non-atomistic but not in the countries where wage setting is decentralized. |
| 主题 | International Macroeconomics |
| 关键词 | Conservatism Non-atomistic agents Strategic monetary policy Wage-setting |
| URL | https://cepr.org/publications/dp2773 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531832 |
| 推荐引用方式 GB/T 7714 | Moshe Justman,Mark Gradstein. DP2773 Education, Social Cohesion and Economic Growth. 2001. |
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