Uncertainty, Wage Setting and Decision Making in a Monetary Union

Carsten Hefeker

No 26204, Discussion Paper Series from Hamburg Institute of International Economics

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 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.

Keywords: Financial Economics; Labor and Human Capital (search for similar items in EconPapers)
Pages: 24
Date: 2004
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Related works:
Working Paper: Uncertainty, Wage Setting and Decision Making in a Monetary Union (2005)
Working Paper: Uncertainty, Wage Setting and Decision Making in a Monetary Union (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:hwwadp:26204

DOI: 10.22004/ag.econ.26204

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