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Economic Performance and Stabilization Policy in a Monetary Union with Imperfect Labour and Goods Markets

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Author Info
Coricelli, Fabrizio
Cukierman, Alex
Dalmazzo, Alberto

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Abstract

This Paper develops a framework for the analysis of the effects of institutions on economic performance in a monetary union in the presence of stabilization policy, unionized labour markets and monopolistically competitive price setting firms. Nominal wages are fixed contractually. In spite of full price flexibility transmission of monetary policy operates via both aggregate demand and aggregate supply channels. The Paper relates average, as well as country-specific, economic performance within the monetary union, broken down to country size, number of unions, the degree of product differentiation in product markets, and central bank conservativeness. Economic performance is characterized by unemployment, inflation, real wages and competitiveness. Both average, as well as country-specific, economic performance in the presence of (possibly) heterogeneous shocks and a unified stabilization policy are evaluated.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2745.

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Date of creation: Mar 2001
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Handle: RePEc:cpr:ceprdp:2745

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Related research
Keywords: Central Bank Conservativeness; Monetary Union; Monopolistic Competition; Shocks; Stabilization; Stabilization Policy; Wage Bargaining;

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Find related papers by JEL classification:
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

Cited by:
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  1. N. Acocella & G. Bartolomeo & Andrew Hallett, 2006. "Controllability in Policy Games: Policy Neutrality and the Theory of Economic Policy Revisited," Computational Economics, Springer, vol. 28(2), pages 91-112, September. [Downloadable!] (restricted)
  2. Kari Alho, 2002. "Stabilization Inside and Outside EMU," Discussion Papers 821, The Research Institute of the Finnish Economy. [Downloadable!]
  3. Nicola Acocella & Giovanni Di Bartolomeo, 2005. "Controllability and non-neutrality of economic policy: The Tinbergen’s approach in a strategic context," Macroeconomics 0504034, EconWPA. [Downloadable!]
  4. Helge Berger & Jakob Haan, 2002. "Are small countries too powerful within the ECB?," Atlantic Economic Journal, International Atlantic Economic Society, vol. 30(3), pages 263-282, September. [Downloadable!] (restricted)
  5. Sven W. Arndt, 2002. "The Pros and Cons of North American Monetary Integration," Working Papers 0202, Lowe Institute of Political Economy. [Downloadable!]
    Other versions:
  6. Erkki Koskela & Rune Stenbacka, 2001. "Equilibrium Unemployment with Credit and Labour Market Imperfections," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  7. Markus Knell, 2002. "Wage Formation in Open Economies and the Role of Monetary and Wage-Setting Institutions," Working Papers 63, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
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  8. Chou, Y.K., 2001. "The Impact of Central Bank Independence and Union Concentration on Macroeconomic Perfromance in the Presence of Aggregate Supply Shocks. Evidence from 10 OECD Countries (1971-85)," Department of Economics - Working Papers Series 805, The University of Melbourne. [Downloadable!]
  9. Acocella, Nicola & Di Bartolomeo, Giovanni & Hibbs Jr., Douglas A., 2004. "Labor market regimes and the effects of monetary policy," Working Papers in Economics 145, Göteborg University, Department of Economics, revised 22 Apr 2005. [Downloadable!]
    Other versions:
  10. Acocella, Nicola & Di Bartolomeo, Giovanni, 2007. "The Cost of Social Pacts," MPRA Paper 3585, University Library of Munich, Germany. [Downloadable!]
  11. Nicola Acocella & Giovanni Bartolomeo, 2004. "Is a Conservative Central Banker a (Perfect) Substitute for Wage Coordination?," Empirica, Springer, vol. 31(2), pages 281-294, June. [Downloadable!] (restricted)
    Other versions:
  12. Nicola Acocella & Giovanni Di Bartolomeo, 2005. "Non-neutrality of economic policy: An application of the Tinbergen-Theil’s approach to a strategic context," Macroeconomics 0504035, EconWPA, revised 26 Apr 2005. [Downloadable!]
    Other versions:
  13. Cukierman, Alex, 2007. "Central Bank Independence and Monetary Policymaking Institutions - Past Present and Future," CEPR Discussion Papers 6441, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  14. Clemente De Lucia, 2003. "Wage Setters, Central Bank Conservatism and Economic Performance," ISAE Working Papers 34, ISAE - Institute for Studies and Economic Analyses - (Rome, ITALY). [Downloadable!]
  15. Cuciniello Vincenzo, 2007. "Optimal monetary policy in a monetary union with non-atomistic wage setters," wp.comunite 0014, Department of Communication, University of Teramo. [Downloadable!]
  16. Cuciniello, Vincenzo, 2007. "Strategic monetary policy in a monetary union with non-atomistic wage setters," MPRA Paper 3789, University Library of Munich, Germany, revised Jun 2007. [Downloadable!]
  17. Paul De Grauwe & Francesco Paolo Mongelli, 2005. "Endogeneities of optimum currency areas - what brings countries sharing a single currency closer together?," Working Paper Series 468, European Central Bank. [Downloadable!]
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  18. Blandine ZIMMER, 2005. "Coordination des négociations salariales en UEM : un rôle majeur pour la BCE," Working Papers of BETA 2005-09, Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg. [Downloadable!]
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