How Will EMU Affect Inflation and Unemployment in Europe?
研究欧洲货币联盟如何改变国家工会的工资设定行为，分析通胀厌恶和劳工激进主义在不同货币安排下对劳动力市场的影响，发现共同央行若像各国央行一样保守会推高通胀和失业，但此前盯住德国马克的国家失业率下降。
This paper explores how European Monetary Union will change the wage setting behavior of national labor unions. We derive the impact of national inflation aversion and labor militancy on the performance of national labor markets under different monetary arrangements. A common central bank raises inflation and unemployment if it acts as conservatively as national central banks. However, unemployment falls in countries that previously tied their monetary policy to the Bundesbank. We also examine the composition of EMU and the influence of national labor market legislation.