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Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment: Theory and Evidence

  • Cukierman, A.
  • Lippi, F.

This paper proposes a conceptual framework that makes it possible to investigate the effects of central bank independence, the degree of centralization of wage bargaining and the interaction between those institutional variables on the real wage, unemployment and inflation. This is done by considering a two-stage strategic interaction between a central bank (CB) with a given degree of conservativeness and a number of unions each of which sets its own nominal wage taking the nominal wages of other unions and the reaction-function of the CB as given.

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Paper provided by Banca Italia - Servizio di Studi in its series Papers with number 332.

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Length: 63 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:banita:332
Contact details of provider: Postal: Banca d'Italia-Servizio Studi-Divisione Biblioteca e Pubblicazioni - Via N azionale, 91 -00184 Rome, Italy.
Web page: http://www.bancaditalia.it/

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