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Non-neutrality of monetary policy in policy games

Nicola Acocella and Giovanni Di Bartolomeo ()

Macroeconomics from EconWPA

Abstract: The main aim of this article is to investigate the sources of non- neutrality in policy games involving one or more trade unions. We use a simple set up in order to clearly expose the basic mechanisms that also work in more complex frameworks. We show that there are common roots in the non-neutrality results so far obtained in apparently different contexts as, e.g., an inflation-averse union playing against the government; a union sharing some other common objective with a policy maker; or when more than one union interacts with monopolistic competitors in the goods market and a policymaker. We finally show that there are other cases where the non-neutrality result can arise.

Keywords: neutrality; money; unions; policy game (search for similar items in EconPapers)
JEL-codes: E00 E52 J51 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2002-07-02
Note: Type of Document - pdf; prepared on IBM PC; to print on hp;
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Journal Article: Non-neutrality of monetary policy in policy games (2004) Downloads
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