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Uncertainty, Wage Setting and Decision Making in a Monetary Union

  • Hefeker, Carsten

The enlargement of the European Monetary Union is likely to lead to an increase of uncertainty about the transmission of monetary policy for the larger union. Adding new members to the central bank council will in addition imply that the preferences of the enlarged council will be uncertain in the initial period. The paper considers the influence of both types of uncertainty on wage setting behavior in the larger monetary union and its effects on unemployment. In light of these effects, implications for the adequate structure of the central bank are derived.

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Paper provided by Hamburg Institute of International Economics (HWWA) in its series HWWA Discussion Papers with number 272.

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Date of creation: 2004
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Handle: RePEc:zbw:hwwadp:26204
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  1. Söderström, Ulf, 1999. "Monetary policy with uncertain parameters," SSE/EFI Working Paper Series in Economics and Finance 308, Stockholm School of Economics.
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  13. Elbourne, Adam & de Haan, Jakob, 2006. "Financial structure and monetary policy transmission in transition countries," Journal of Comparative Economics, Elsevier, vol. 34(1), pages 1-23, March.
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  18. Rudi Dornbusch & Carlo Favero & Francesco Giavazzi, 1998. "Immediate challenges for the European Central Bank," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 15-64, 04.
  19. Fidrmuc, Jarko & Korhonen, Iikka, 2001. "Similarity of supply and demand shocks between the euro area and the accession countries," BOFIT Discussion Papers 14/2001, Bank of Finland, Institute for Economies in Transition.
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