Strategic Monetary Policy with Non-Atomistic Wage Setters

Francesco Lippi

The Review of Economic Studies, 2003, vol. 70, issue 4, 909-919

Abstract: Monetary policy analyses usually assume an atomistic private sector, thereby ignoring potential interactions between policy and wage-setting decisions. Yet, non-atomistic wage setters are a key feature of several industrialized economies. We study the economic consequence of non-atomistic agents and show that this qualifies previous results on the effects and desirability of a conservative central banker. In particular, the central bank aversion to inflation may have a permanent effect on structural employment, while no such effect emerges with atomistic agents. Copyright 2003, Wiley-Blackwell.

Date: 2003
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Related works:
Working Paper: Strategic Monetary Policy with Non-Atomistic Wage Setters (2003)
Working Paper: Strategic Monetary Policy with Non-Atomistic Wage-Setters (2000)
Working Paper: Strategic Monetary Policy with Non Atomistic Wage Setters (2000)
Working Paper: Strategic Monetary Policy with Non-Atomistic Wage-Setters (2000)
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