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Firms' entry, monetary policy and the international business cycle
In: Journal of international economics, Band 91, Heft 2, S. 263-274
ISSN: 0022-1996
Firms' Entry, Monetary Policy and the International Business Cycle
SSRN
Working paper
Inflation and Openness with Non‐Atomistic Wage Setters
In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 48, Heft 2, S. 210-225
ISSN: 1467-9485
This paper analyses the impact of trade openness on inflation in a strategic framework characterised by monopolistic production in the domestic sector and unionised labour markets. By stressing the interplay between internal and external sources of economic distortion, we show that the economy's inflationary bias reduces up to a critical level of trade openness. Beyond this threshold, wage setters may be induced to behave more aggressively in open economies, leading to higher equilibrium inflation. Based on a regression analysis that investigates the combined effect of labour market institutions and openness on inflation across nineteen OECD economies, we show that inflation is negatively related to openness when wage bargaining is decentralised, while there is virtually no link between openness and inflation at higher levels of wage centralisation.
Current Account and Exchange Rate Dynamics
In: Economic notes, Band 30, Heft 1, S. 27-51
ISSN: 1468-0300
The theoretical part of this paper analyses the positive and normative effects of a surprise monetary expansion in a small open economy characterized by imperfect competition and short‐run price rigidity in the domestic sector. The temporary output boom fostered by the monetary expansion is shown to come at the cost of a permanent squeeze of the domestic sector. This affects welfare ambiguously, as the overall welfare consequences of the monetary expansion may eventually turn negative for a critical value of external assets. The empirical part of the paper provides evidence in favour of a key role of monetary shocks in driving current account fluctuations in seven major industrialized countries.(J.E.L.: E61, F41).
Inflationary performance in a monetary union with large wage setters
Building on a micro-founded model of a two region-world economy in the tradition of the new open economy literature, this paper analyses the strategic interaction of large wage-setters and the central bank when switching from a regime of uncoordinated national monetary policies to a monetary union. The establishment of a monetary union is shown to favour wage restraint, provided the uni…ed central bank is not too conservative. Wage discipline may reduce equilibrium in‡ation in a monetary union relative to the one under uncoordinated national monetary policies when wage setting is centralised across member countries.
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Are The Income Policy Agreements Of 1992-93 In Italy Still Valid?Towards A Theory For The Optimal Design Of The “Social Pact”In The European Monetary Union
In: Italian Institutional Reforms: A Public Choice Perspective, S. 51-76
Inflationary performance in a monetary union with large wage setters
In: Monetary Policy, Fiscal Policies and Labour Markets, S. 327-343
Demand, Markups and the Business Cycle. Bayesian Estimation and Quantitative Analysis in Closed and Open Economies
In: University Ca' Foscari of Venice, Dept. of Economics Research Paper Series No. 09/WP/2017
SSRN
Working paper
Exchange rates as shock absorbers: The role of export margins
In: Research in economics: Ricerche economiche, Band 69, Heft 4, S. 582-602
ISSN: 1090-9451
Shadow rates and multiple equilibria in the theory of currency crises
In: Journal of international economics, Band 51, Heft 2, S. 275-286
ISSN: 0022-1996
Inflationary performance in a monetary union with large wage setters
In: ZEI Working Paper, B 11/2001
World Affairs Online
Foresight and the Macroeconomic Impact of Fiscal Policy: Evidence for France, Germany and Italy
In: On-line journal Modelling the New Europe: interdisciplinary studies, Heft 25, S. 27-59
ISSN: 2247-0514