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  • 1
    Electronic Resource
    Electronic Resource
    The interaction of monetary policy and wages (1994)
    Springer
    Public choice 79 (1994), S. 33-46 
    Details
    ISSN: 1573-7101
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper focuses on the interaction of monetary policy and wage formation in economies with strong labor unions. Government and unions are viewed as endogenous utility maximizers and the macroeconomic consequences of their strategic interaction are explored with the aid of some elements of simple game theory. Specifically, it is shown (a) how labor unions adjust wages to prices so as to maximize their utility following changes in monetary policy; (b) how the effectiveness of monetary policy is circumscribed without necessarily being nullified by the utility-maximizing reactions of unions; and (c) how the interplay of government and unions can create a persistent tendency towards inflation and unemployment simultaneously.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01047917
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