Optimal Central Bank Conservatism and Monopoly Trade Unions:
The ""conservative central banker"" has come under attack recently. On the basis of models in which there is explicit interaction between trade union behavior and monetary policy, it has been argued that if ''trade unions'' are averse to inflation, welfare wil...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2002
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 02/44 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | The ""conservative central banker"" has come under attack recently. On the basis of models in which there is explicit interaction between trade union behavior and monetary policy, it has been argued that if ''trade unions'' are averse to inflation, welfare will be lower with a conservative than with a liberal central bank. We reframe this discussion in a standard trade union model. We show that the case against the conservative central banker rests exclusively on the assumption of a strictly nominal outside option (for instance, unemployment benefits) for the union. There is no welfare gain associated with making the central bank less conservative than society, however, if the outside option is in real terms. As the nominal components of the trade union''s outside option are mainly public transfers, we also show that the conservative central banker is always optimal if the government can choose the level of nominal unemployment benefits as well as the degree of central bank conservatism |
| Beschreibung: | 1 Online-Ressource (29 p) |
| ISBN: | 1451846428 9781451846423 |
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| index_date | 2024-07-03T20:13:22Z |
| indexdate | 2024-07-10T09:35:30Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Hefeker, Carsten Verfasser aut Optimal Central Bank Conservatism and Monopoly Trade Unions Hefeker, Carsten Washington, D.C International Monetary Fund 2002 1 Online-Ressource (29 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 02/44 The ""conservative central banker"" has come under attack recently. On the basis of models in which there is explicit interaction between trade union behavior and monetary policy, it has been argued that if ''trade unions'' are averse to inflation, welfare will be lower with a conservative than with a liberal central bank. We reframe this discussion in a standard trade union model. We show that the case against the conservative central banker rests exclusively on the assumption of a strictly nominal outside option (for instance, unemployment benefits) for the union. There is no welfare gain associated with making the central bank less conservative than society, however, if the outside option is in real terms. As the nominal components of the trade union''s outside option are mainly public transfers, we also show that the conservative central banker is always optimal if the government can choose the level of nominal unemployment benefits as well as the degree of central bank conservatism Online-Ausg Berger, Helge Sonstige oth Schlöb, Ronnie Sonstige oth http://elibrary.imf.org/view/IMF001/05052-9781451846423/05052-9781451846423/05052-9781451846423.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Hefeker, Carsten Optimal Central Bank Conservatism and Monopoly Trade Unions |
| title | Optimal Central Bank Conservatism and Monopoly Trade Unions |
| title_auth | Optimal Central Bank Conservatism and Monopoly Trade Unions |
| title_exact_search | Optimal Central Bank Conservatism and Monopoly Trade Unions |
| title_exact_search_txtP | Optimal Central Bank Conservatism and Monopoly Trade Unions |
| title_full | Optimal Central Bank Conservatism and Monopoly Trade Unions Hefeker, Carsten |
| title_fullStr | Optimal Central Bank Conservatism and Monopoly Trade Unions Hefeker, Carsten |
| title_full_unstemmed | Optimal Central Bank Conservatism and Monopoly Trade Unions Hefeker, Carsten |
| title_short | Optimal Central Bank Conservatism and Monopoly Trade Unions |
| title_sort | optimal central bank conservatism and monopoly trade unions |
| url | http://elibrary.imf.org/view/IMF001/05052-9781451846423/05052-9781451846423/05052-9781451846423.xml |
| work_keys_str_mv | AT hefekercarsten optimalcentralbankconservatismandmonopolytradeunions AT bergerhelge optimalcentralbankconservatismandmonopolytradeunions AT schlobronnie optimalcentralbankconservatismandmonopolytradeunions |