نهادهای پولی، نتایج اشتغال و رقابت ناقص

This paper explores the employment effects of strategic interactions between firms, trade unions and monetary institutions in the context of an imperfectly competitive macroeconomic model with right-to-manage bargaining. The results suggest that the employment effect of joining a monetary union is conditional upon the degree of monetary accommodation of the union-wide central bank, the degree of product market competition, and the relative bargaining power in wage-setting. In addition, the employment effect of a change in the degree of monetary accommodation of the domestic or the union-wide central bank is conditional upon the degree of product market competition and the distribution of bargaining power.