1,721,220 research outputs found
Survey of The foundations of economic policy: Values and techniques by Nicola Acocella, Cambridge University Press 1998
No full textTheory, Evidence, and Risks of the ECB’s Asset Purchase Programme
Full text linkIn response to the COVID-19 crisis, the ECB has relaunched a massive asset purchase programme within its combined-arms monetary strategy. This paper presents and discusses the theory and the evidence of the central bank’s asset purchases, mainly in the euro area. It analyses the role of asset purchase programmes in the ECB’s toolkit and the potential associated risks, focusing specifically on the problems of the programmes’ unwinding. Finally, the paper offers some possible alternatives to the asset purchase programmes. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON)
Unions, governments and central banks: Macroeconomic performance in a simple game theoretical approach
No full textOptimal degree of union centralization
No full textBy viewing trade unions as economic units analogous to firms, which can be studied by applying the standard tools of microeconomic analysis, this paper aims to derive the optimal degree of union centralisation in a multi-unions simple general equilibrium model. Differently from previous literature, we show that if the degree of centralisation among the labour unions is considered as the outcome of a voting process, full centralisation always emerges as equilibrium and standard policy neutrality implications hold. Moreover, the equilibrium represents a Pareto improvement
Unions' inflation aversion and international competitiveness
No full textThe paper explores the consequences of economic integration on wage and monetary policy management. It studies the possibility that openness may discipline labor unions through potential losses created by the worsening in terms of trade (international competitiveness) associated with high wage claims. We find that, contrary to some recent literature, a monetary expansion fails to affect real outcomes and only results in higher inflation, since the claimed wage-moderation mechanism does not work when it is properly modeled. Hence, recent policy recommendations for an expansionary monetary policy in open economies result to be counterproductive, whereas low-inflation targeting remains a first best policy. (c) 2004 Society for Policy Modeling. Published by Elsevier Inc. All rights reserved
- …
