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Title:Uncertainty, wage setting and decision making in a monetary union PDF Logo
Authors:Hefeker, Carsten
Issue Date:2005
Series/Report no.:CESifo working papers 1485
Abstract:The enlargement of the European Monetary Union is likely to lead to an increase in uncertainty regarding the transmission of monetary policy for the larger union. Adding new members to the central bank council will in addition imply that the policy reaction 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, I also derive implications for the adequate structure of the central bank.
Subjects:monetary policy uncertainty
wage setting
European Central Bank
Euro area
accession countries
JEL:E58
D72
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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