Information Content of Wages and Monetary Policy
分析工资设定工会与中央银行的互动，发现央行直接获取实体经济冲击指标虽不增加信息，但能降低社会损失，且央行研究活动应取决于工会形成过程。
We examine whether it is sufficient for central banks to observe and forecast nominal variables only. Analyzing the interplay of wage‐setting unions and a central bank we show that although central banks may not gain more information by directly acquiring data about indicators of real shocks in the economy, such activities are nevertheless beneficial for central banks and yield lower social losses. Moreover, the extent of research activities by central banks should depend on the process of union formation.