Artikel
Wage Bargaining and Monetary Policy in a Kaleckian Monetary Distribution and Growth Model: Trying to Make Sense of the NAIRU
In a Kaleckian monetary distribution and growth model with conflict inflation we assess the role of a Non-Accelerating Inflation Rate of Unemployment (NAIRU). The short-run stability of a NAIRU is examined taking into account real debt effects of accelerating and decelerating inflation, and the short-run effectiveness of monetary policy interventions applying the interest rate tool is analysed. The problem of long-run endogeneity of the NAIRU is addressed integrating the long-run distribution effects of monetary policies' real interest rate variations into the model. It is concluded that monetary policy interventions in order to stabilise inflation are either unnecessary or costly in terms of employment in the short run. In the long run, these policies bear the risk of continuously increasing the NAIRU in order to keep inflation under control, which yields a horizontal long-run Phillips curve and latent stagflation. Instead of relying on monetary policies, the cause of inflation should be directly addressed and wage bargaining co-ordination should be applied as an appropriate tool.
- Language
-
Englisch
- Bibliographic citation
-
Journal: Intervention. Zeitschrift fuer Ökonomie / Journal of Economics ; ISSN: 2195-3376 ; Volume: 03 ; Year: 2006 ; Issue: 2 ; Pages: 305-329
- Classification
-
Wirtschaft
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Investment; Capital; Intangible Capital; Capacity
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Aggregate Factor Income Distribution
Monetary Policy
- Subject
-
monetary policy
wage bargaining
inflation
distribution
growth
- Event
-
Geistige Schöpfung
- (who)
-
Hein, Eckhard
- Event
-
Veröffentlichung
- (who)
-
Metropolis-Verlag
- (where)
-
Marburg
- (when)
-
2006
- DOI
-
doi:10.4337/ejeep.2006.02.12
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Hein, Eckhard
- Metropolis-Verlag
Time of origin
- 2006
Other Objects (12)
Wage bargaining and monetary policy in a Kaleckian monetary distribution and growth model: trying to make sense of the NAIRU
On the (in-)stability and the endogeneity of the "normal" rate of capacity utilisation in a post-Keynesian/Kaleckian "monetary" distribution and growth model
Monetary policy and wage bargaining in the EMU: Restrictive ECB policies, high unemployment, nominal wage restraint and rising inflation
Monetary policy and wage bargaining in the EMU: restrictive ECB policies, high unemployment, nominal wage restraint and rising inflation
Harrodian instability in Kaleckian models and Steindlian solutions
Interest, debt and capital accumulation - a Kaleckian approach
Finance-dominated capitalism and redistribution of income: A Kaleckian perspective
'Financialisation' in Kaleckian/Post-Kaleckian models of distribution and growth
Financialisation', distribution, capital accumulation and productivity growth in a Post-Kaleckian model
Interest rate, debt, distribution and capital accumulation in a post-Kaleckian model
Interest rate debt distribution and capital accumulation in a post-Kaleckian model
Money, interest, and capital accumulation in Karl Marx's economics: A monetary interpretation
Wage bargaining and monetary policy in a Kaleckian monetary distribution and growth model: trying to make sense of the NAIRU
On the (in-)stability and the endogeneity of the "normal" rate of capacity utilisation in a post-Keynesian/Kaleckian "monetary" distribution and growth model
Monetary policy and wage bargaining in the EMU: Restrictive ECB policies, high unemployment, nominal wage restraint and rising inflation
Monetary policy and wage bargaining in the EMU: restrictive ECB policies, high unemployment, nominal wage restraint and rising inflation
Harrodian instability in Kaleckian models and Steindlian solutions
Interest, debt and capital accumulation - a Kaleckian approach
Finance-dominated capitalism and redistribution of income: A Kaleckian perspective
'Financialisation' in Kaleckian/Post-Kaleckian models of distribution and growth
Financialisation', distribution, capital accumulation and productivity growth in a Post-Kaleckian model
Interest rate, debt, distribution and capital accumulation in a post-Kaleckian model
Interest rate debt distribution and capital accumulation in a post-Kaleckian model
Money, interest, and capital accumulation in Karl Marx's economics: A monetary interpretation
Wage bargaining and monetary policy in a Kaleckian monetary distribution and growth model: trying to make sense of the NAIRU
On the (in-)stability and the endogeneity of the "normal" rate of capacity utilisation in a post-Keynesian/Kaleckian "monetary" distribution and growth model
Monetary policy and wage bargaining in the EMU: Restrictive ECB policies, high unemployment, nominal wage restraint and rising inflation
Monetary policy and wage bargaining in the EMU: restrictive ECB policies, high unemployment, nominal wage restraint and rising inflation
Harrodian instability in Kaleckian models and Steindlian solutions
Interest, debt and capital accumulation - a Kaleckian approach
Finance-dominated capitalism and redistribution of income: A Kaleckian perspective
'Financialisation' in Kaleckian/Post-Kaleckian models of distribution and growth
Financialisation', distribution, capital accumulation and productivity growth in a Post-Kaleckian model
Interest rate, debt, distribution and capital accumulation in a post-Kaleckian model
Interest rate debt distribution and capital accumulation in a post-Kaleckian model