The Welfare Effect of Foreign Monetary Conservatism with Nonatomistic Wage Setters
将工会与货币当局战略互动的封闭经济分析扩展到两国开放经济框架，研究外国央行保守主义通过贸易条件影响工资适度性的真实效应。
This paper extends the closed-economy analysis of strategic interaction between labor unions and the monetary authority in Lippi (2003) to a two-country, open-economy framework. It sheds light on the real effect of foreign central bank conservatism, which—through a strategic mechanism that operates via the terms of trade between the two independent monetary policymakers—entails wage moderation. The impact of domestic central bank conservatism hinges instead on the combination of three strategic effects.