Arbeitspapier

Unions, wage setting and monetary policy uncertainty

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Recent theoretical research has studied extensively the link between wage setting and monetary policymaking in unionized economies. This paper addresses the question of the role of monetary uncertainty from both an empirical and theoretical point of view. Our analysis is based on a simple model that derives the influence of monetary uncertainty on unionized wage setting. We construct an indicator of monetary policy uncertainty and test our model with data for the G5 countries. The central finding is that monetary policy uncertainty has a negative impact on nominal wage growth in countries where wage setting is relatively centralized. This result is consistent with recent theoretical approaches to central bank transparency and wage setting.

Sprache
Englisch

Erschienen in
Series: ECB Working Paper ; No. 490

Klassifikation
Wirtschaft
Central Banks and Their Policies
Thema
centralized wage setting
Monetary policy uncertainty
union behavior
Gewerkschaft
Verhandlungstheorie des Lohnes
Lohnbildung
Geldpolitik
Geldpolitisches Ziel
Schätzung
USA
Frankreich
Japan
Großbritannien
Deutschland

Ereignis
Geistige Schöpfung
(wer)
Grüner, Hans Peter
Hayo, Bernd
Hefeker, Carsten
Ereignis
Veröffentlichung
(wer)
European Central Bank (ECB)
(wo)
Frankfurt a. M.
(wann)
2005

Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
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Objekttyp

  • Arbeitspapier

Beteiligte

  • Grüner, Hans Peter
  • Hayo, Bernd
  • Hefeker, Carsten
  • European Central Bank (ECB)

Entstanden

  • 2005

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