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Money, Exchange Rates, Wages, and Games
Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
1987 (English)Report (Other academic)
Abstract [en]

This paper is focused on the interaction of monetary policy and wage determination in open economies with strong labor unions. Applying some elements of game theory, the paper views both government and labor as endogenous utility maximizers, and studies the macroeconomic consequences af their interaction. In particular, the paper shows (a) how labor unions adjust wages optimally to prices following monetary expansion or devaluation; (b) how the ultimate effectiveness of policy is reduced (without necessarily being destroyed) by optimal union reactions; and (c) how the interplay of government and labor can create a persistent tendency to unemployment and inflation simultaneously.

Place, publisher, year, edition, pages
Stockholm: IIES , 1987. , 32 p.
Series
Seminar Paper / Institute for International Economic Studies, Stockholm University, ISSN 0347-8769 ; 383
National Category
Economics
Identifiers
URN: urn:nbn:se:su:diva-41565OAI: oai:DiVA.org:su-41565DiVA: diva2:331181
Available from: 2010-07-21 Created: 2010-07-21 Last updated: 2010-07-21Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
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  • vancouver
  • Other style
More styles
Language
  • de-DE
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  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf