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Title:Uncertainty, Wage Setting and Decision Making in a Monetary Union PDF Logo
Authors:Hefeker, Carsten
Issue Date:2004
Series/Report no.:HWWA Discussion Paper 272
Abstract:The enlargement of the European Monetary Union is likely to lead to an increase of uncertainty about the transmission of monetary policy for the larger union. Adding new members to the central bank council will in addition imply that the preferences 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, implications for the adequate structure of the central bank are derived.
Subjects:Monetary Policy Uncertainty
Wage Setting
European Central Bank
Euro Area
Accession Countries
JEL:E58
D72
Document Type:Working Paper
Appears in Collections:HWWA Discussion Paper, Hamburgisches Welt-Wirtschafts-Archiv

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