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The Welfare Effect of Foreign Monetary Conservatism with Nonatomistic Wage Setters

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  • VINCENZO CUCINIELLO

Abstract

This paper extends the closed economy analysis of strategic interaction between labor unions and the monetary authority in Lippi (REStud 2003) to a two-country open economy framework. It sheds light on the real effect of foreign central bank conservatism, which�through a strategic mechanism that operates via the terms of trade between the two independent monetary policy makers�entails wage moderation. The impact of domestic central bank conservatism hinges instead on the combination of three strategic effects.
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Suggested Citation

  • Vincenzo Cuciniello, 2011. "The Welfare Effect of Foreign Monetary Conservatism with Nonatomistic Wage Setters," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(8), pages 1719-1734, December.
    • Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:8:p:1719-1734
    DOI: j.1538-4616.2011.00465.x
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    Cited by:

    1. Vincenzo Cuciniello & Federico M. Signoretti, 2015. "Large Banks, Loan Rate Markup, and Monetary Policy," International Journal of Central Banking, International Journal of Central Banking, vol. 11(3), pages 141-177, June.
    2. Giovanni Di Bartolomeo, 2014. "Optimal Degree of Union Centralization," Studies in Microeconomics, , vol. 2(2), pages 201-211, December.
    3. Xakousti Chrysanthopoulou & Evangelos Ioannidis & Moïse Sidiropoulos, 2025. "Openness, Unionized Labor Markets, and Monetary Policy," Mathematics, MDPI, vol. 13(7), pages 1-26, April.
    4. Emiliano Brancaccio & Nadia Garbellini, 2015. "Currency regime crises, real wages, functional income distribution and production," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 12(3), pages 255-276, December.
    5. Cuciniello, Vincenzo, 2013. "Large labour unions and terms-of-trade externality," Economics Letters, Elsevier, vol. 120(1), pages 135-138.
    6. Cuciniello, Vincenzo & Lambertini, Luisa, 2016. "Optimal exchange rate flexibility with large labor unions," Journal of International Money and Finance, Elsevier, vol. 63(C), pages 112-136.
    7. Chrysanthopoulou, Xakousti, 2021. "Banks’ internalization effect and equilibrium," MPRA Paper 109275, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • J51 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Trade Unions: Objectives, Structure, and Effects

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