ient outcomes. Our paper reverses this view: properly designed monetary policies may take advantage of predetermined nominal wages to discipline monopolistic wage setters. This, in turn, requires accepting a non-zero in- flation rate. Discretionary monetary policy is e¤ective when wage setters are non atomistic. In?ation targeting has real e¤ects irrespective of the degree of labor market centralization.
Di Bartolomeo, G., Tirelli, P., Acocella, A. (2008). Trend inflation as a workers disciplining device in a general equilibrium model [Working paper del dipartimento].
Trend inflation as a workers disciplining device in a general equilibrium model
TIRELLI, PATRIZIO;
2008
Abstract
ient outcomes. Our paper reverses this view: properly designed monetary policies may take advantage of predetermined nominal wages to discipline monopolistic wage setters. This, in turn, requires accepting a non-zero in- flation rate. Discretionary monetary policy is e¤ective when wage setters are non atomistic. In?ation targeting has real e¤ects irrespective of the degree of labor market centralization.
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