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Strategic Monetary Policy with Non-Atomistic Wage Setters

Francesco Lippi

CEIS Research Paper from Tor Vergata University, CEIS

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.

Keywords: conservatism; non-atomistic agents; wage-setting (search for similar items in EconPapers)
JEL-codes: E5 J5 (search for similar items in EconPapers)
Date: 2003-05-22
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ftp://www.ceistorvergata.it/repec/rpaper/No-17-Lippi.pdf (application/pdf)

Related works:
Journal Article: Strategic Monetary Policy with Non-Atomistic Wage Setters (2003) Downloads
Working Paper: Strategic Monetary Policy with Non-Atomistic Wage-Setters (2000) Downloads
Working Paper: Strategic Monetary Policy with Non Atomistic Wage Setters (2000) Downloads
Working Paper: Strategic Monetary Policy with Non-Atomistic Wage-Setters (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:rtv:ceisrp:17

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