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Optimal Central Bank Conservatism And Monopoly Trade Unions
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Book Synopsis Optimal Central Bank Conservatism and Monopoly Trade Unions by : Helge Berger
Download or read book Optimal Central Bank Conservatism and Monopoly Trade Unions written by Helge Berger and published by International Monetary Fund. This book was released on 2002-03 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The "conservative central banker" has come under attack recently. On the basis of models in which there is explicit interaction between trade union behavior and monetary policy, it has been argued that if 'trade unions' are averse to inflation, welfare will be lower with a conservative than with a liberal central bank. We reframe this discussion in a standard trade union model. We show that the case against the conservative central banker rests exclusively on the assumption of a strictly nominal outside option (for instance, unemployment benefits) for the union. There is no welfare gain associated with making the central bank less conservative than society, however, if the outside option is in real terms. As the nominal components of the trade union's outside option are mainly public transfers, we also show that the conservative central banker is always optimal if the government can choose the level of nominal unemployment benefits as well as the degree of central bank conservatism.
Book Synopsis Optimal Central Bank Conservatism and Monopoly Trade Unions by : Helge Berger
Download or read book Optimal Central Bank Conservatism and Monopoly Trade Unions written by Helge Berger and published by . This book was released on 2006 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The conservative central banker has come under attack recently. On the basis of models in which there is explicit interaction between trade union behavior and monetary policy, it has been argued that if 'trade unions' are averse to inflation, welfare will be lower with a conservative than with a liberal central bank. We reframe this discussion in a standard trade union model. We show that the case against the conservative central banker rests exclusively on the assumption of a strictly nominal outside option (for instance, unemployment benefits) for the union. There is no welfare gain associated with making the central bank less conservative than society, however, if the outside option is in real terms. As the nominal components of the trade union's outside option are mainly public transfers, we also show that the conservative central banker is always optimal if the government can choose the level of nominal unemployment benefits as well as the degree of central bank conservatism.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :9781589063518 Total Pages :216 pages Book Rating :4.0/5 (635 download)
Book Synopsis IMF Staff Papers, Volume 51, No. 3 by : International Monetary Fund. Research Dept.
Download or read book IMF Staff Papers, Volume 51, No. 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2004-11-23 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tests uncovered interest parity (UIP) using interest rates on longer maturity bonds for the Group of Seven countries. These long-horizon regressions yield much more support for UIP—all of the coefficients on interest differentials are of the correct sign, and almost all are closer to the UIP value of unity than to zero. The paper also analyzes the decision by a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact.
Book Synopsis Institutional Conflicts and Complementarities by : Robert Franzese
Download or read book Institutional Conflicts and Complementarities written by Robert Franzese and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important collection presents an authoritative selection of papers on "Institutional Conflicts and Complementarities" This publication is intent on building bridges between economics and the other social sciences. The focus is on the interaction between monetary policy and wage bargaining institutions in European Monetary Union (EMU). Institutional Conflicts and Complementarities is written by acknowledged experts in their field. The outcome is a broad analysis of the interactions of labour market actors and central banks. The volume addresses the recent changes in EMU. An important theoretical, empirical, and policy-relevant conclusion that emerges from Institutional Conflicts and Complementarities is that even perfectly credible monetary conservatism has long-term real effects, even in equilibrium models with fully rational expectations.
Book Synopsis Designing a Simple Loss Function for Central Banks by : Davide Debortoli
Download or read book Designing a Simple Loss Function for Central Banks written by Davide Debortoli and published by International Monetary Fund. This book was released on 2017-07-21 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilizing economic activity also stabilizes other welfare relevant variables. Second, the estimated model features mitigated inflation distortions due to a low elasticity of substitution between monopolistic goods and a low interest rate sensitivity of demand. The result holds up in the presence of measurement errors, with large shocks that generate a trade-off between stabilizing inflation and resource utilization, and also when ensuring a low probability of hitting the zero lower bound on interest rates.
Book Synopsis Institutions, Informality, and Wage Flexibility by : Mr.Marcello M. Estevão
Download or read book Institutions, Informality, and Wage Flexibility written by Mr.Marcello M. Estevão and published by International Monetary Fund. This book was released on 2012-03-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Even though institutions are created to protect workers, they may interfere with labor market functioning, raise unemployment, and end up being circumvented by informal contracts. This paper uses Brazilian microeconomic data to show that the institutional changes introduced by the 1988 Constitution lowered the sensitivity of real wages to changes in labor market slack and could have contributed to the ensuing higher rates of unemployment in the country. Moreover, the paper shows that states that faced higher increases in informality (i.e., illegal work contracts) following the introduction of the new Constitution tended to have smaller drops in wage responsiveness to macroeconomic conditions, thus suggesting that informality serves as a escape valve to an over-regulated environment.
Book Synopsis Wage Centralization, Union Bargaining, and Macroeconomic Performance by : James McHugh
Download or read book Wage Centralization, Union Bargaining, and Macroeconomic Performance written by James McHugh and published by International Monetary Fund. This book was released on 2002 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How Do Central Banks Talk? by : Alan S. Blinder
Download or read book How Do Central Banks Talk? written by Alan S. Blinder and published by Centre for Economic Policy Research. This book was released on 2001 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks.
Book Synopsis Africa and Development Challenges in the New Millennium by : J. O. Adésn
Download or read book Africa and Development Challenges in the New Millennium written by J. O. Adésn and published by Zed Books. This book was released on 2006-08 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher description
Book Synopsis Does Monetary Union Reduce Employment? by : Anssi Rantala
Download or read book Does Monetary Union Reduce Employment? written by Anssi Rantala and published by . This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Political Economics by : Torsten Persson
Download or read book Political Economics written by Torsten Persson and published by MIT Press. This book was released on 2002-01-25 with total page 503 pages. Available in PDF, EPUB and Kindle. Book excerpt: What determines the size and form of redistributive programs, the extent and type of public goods provision, the burden of taxation across alternative tax bases, the size of government deficits, and the stance of monetary policy during the course of business and electoral cycles? A large and rapidly growing literature in political economics attempts to answer these questions. But so far there is little consensus on the answers and disagreement on the appropriate mode of analysis. Combining the best of three separate traditions—the theory of macroeconomic policy, public choice, and rational choice in political science—Torsten Persson and Guido Tabellini suggest a unified approach to the field. As in modern macroeconomics, individual citizens behave rationally, their preferences over economic outcomes inducing preferences over policy. As in public choice, the delegation of policy decisions to elected representatives may give rise to agency problems between voters and politicians. And, as in rational choice, political institutions shape the procedures for setting policy and electing politicians. The authors outline a common method of analysis, establish several new results, and identify the main outstanding problems.
Download or read book Organizing Matters written by Guy Mundlak and published by Edward Elgar Publishing. This book was released on 2020-05-29 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: Organizing Matters demonstrates the interplay between two distinct logics of labour’s collective action: on the one hand, workers coming together, usually at their place of work, entrusting the union to represent their interests and, on the other hand, social bargaining in which the trade union constructs labour’s interests from the top down. The book investigates the tensions and potential complementarities between the two logics through the combination of a strong theoretical framework and an extensive qualitative case study of trade union organizing and recruitment in four countries – Austria, Germany, Israel and the Netherlands. These countries still utilize social-wide bargaining but find it necessary to draw and develop strategies transposed from Anglo-American countries in response to continuously declining membership.
Download or read book Business Periodicals Index written by and published by . This book was released on 2004 with total page 2796 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Confronting Finance by : Nicolas Pons-Vignon
Download or read book Confronting Finance written by Nicolas Pons-Vignon and published by International Labor Office. This book was released on 2012 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: The unfolding economic crisis has unequivocally proved that neoliberal policies were no better for growth than for social progress. As poverty and inequality are rising to alarming levels in Europe, the old continent seems at a loss to respond. Political leaders seem content to liquidate the social gains made by workers' struggles. A small minority, possibly even smaller than 1 per cent, associated with the financial sector, stands to benefit from a deepening of neoliberalism. This new anthology of essays from the Global Labour Column explores Europe's turmoil and challenges the deep-rooted consequences of neoliberalism in the North and the South. It sheds light on new movements and ideas which are emerging to defend and mobilise workers, and points to encouraging new policies and directions which could lay the foundations of a new order that would put decent work and life at its core. A number of these come from the South, from which the North may have much to learn. [ILO website]
Book Synopsis The Chicago Plan Revisited by : Mr.Jaromir Benes
Download or read book The Chicago Plan Revisited written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2012-08-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
Book Synopsis IMF Survey by : International Monetary Fund
Download or read book IMF Survey written by International Monetary Fund and published by . This book was released on 2002 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Issues in the Governance of Central Banks by :
Download or read book Issues in the Governance of Central Banks written by and published by . This book was released on 2009 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report by the Central Bank Governance Group presents information intended to help decision-makers set up governance arrangements that are most suitable for their own circumstances. The report draws on a large body of information on the design and operation of central banks that the BIS has brought together since it initiated work on central bank governance in the early 1990s. The need to deal with chronic inflation in the 1970s and 1980s prompted the identification of price stability as a formal central bank objective and led to a significant reworking of governance arrangements. The current global financial crisis could have equally important implications for central banks, particularly with respect to their role in fostering financial stability. Although it is too early to know how central banking will change as a result, the report takes an important first step in identifying governance questions that the crisis poses.
