UNCERTAINTY AND WAGE SETTING IN A MONETARY UNION*

Carsten Hefeker

Manchester School, 2008, vol. 76, issue 4, 391-404

Abstract: 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 in addition implies that the policy reaction of the enlarged council will be uncertain for an initial period. The paper considers the influence of both types of uncertainty on wage setting and unemployment in the larger monetary union.

Date: 2008
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