The Welfare Effect of Foreign Monetary Conservatism with Nonatomistic Wage Setters

Cuciniello, Vincenzo

doi:10.1111/j.1538-4616.2011.00465.x

Cited by 166 publications

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References 28 publications

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“…This is reminiscent of results obtained in the non-atomistic wage setter literature. For a description of the main strategic effects analyzed in this strand of literature in open and closed economies, seeCuciniello (2011).…”

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Large Banks, Loan Rate Markup and Monetary Policy

2014

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Bank of ItalyA large body of empirical evidence suggests that bank loan margins are countercyclical. We develop a model where a countercyclical spread arises due to the strategic interaction between large intermediaries-i.e., banks whose individual behavior affects macroeconomic outcomes-and the central bank. We uncover a new mechanism related to market power of banks which amplifies the impact of monetary and technology shocks on the real economy. The level of the spread is positively connected to the level of entrepreneurs' leverage, and the amplification effect is stronger the more aggressive the central bank's response to inflation.

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confidence: 99%

Large Banks, Loan Rate Markup and Monetary Policy

2014

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“…(2006), Acocella et al (2008), Cavallari (2010) and Cuciniello (2013aCuciniello ( , 2013b. See also Blanchard and Giavazzi (2003) and Palokangas (2000Palokangas ( , 2003.…”

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Optimal Degree of Union Centralization

Bartolomeo¹

2014

Studies in Microeconomics

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By viewing trade unions as economic units analogous to firms, which can be studied by applying the standard tools of microeconomic analysis, this article aims to derive the optimal degree of union centralization in a multi-unions simple general equilibrium model. Differently from previous literature, we show that if the degree of centralization among the labour unions is considered as the outcome of a voting process, full centralization always emerges as equilibrium and standard policy neutrality implications hold. Moreover, the equilibrium represents a Pareto improvement.

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“…Among the studies belonging to the group of mainstream analyses, attention should be drawn to the models of currency regime crises that assume in one way or another 2. On the relationships between wage bargaining, exchange rates and real wages, see also Cavallari (2001) and Cuciniello (2011). 3.…”

Section: Currency Regime Crises and Devaluation: An Overview Of The Ementioning

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Currency regime crises, real wages, functional income distribution and production

Brancaccio

Garbellini

2015

EJEEP

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This study examines 28 selected cases of transition from a fixed to a more flexible exchange rate combined with devaluation over the period 1980-2013. The crises examined generally prove to be significantly correlated to a reduction in real wages and the wage share. However, both groups are also characterised by an important degree of variability with respect to sample averages, which suggests that the dynamics of real wages and wage shares were also influenced by the specific institutional and political environments in which such crises and devaluations took place. Finally, there appear to be no adequate empirical grounds for the claim that a decrease in real wages resulting from a currency regime crisis will result in improved levels of production and employment. All evaluations of the links between the currency regime and the dynamics of wages and distribution should in any case be carried out not in abstract terms but by comparing the possible implications of abandoning the regime with those of maintaining it. The opportunity of a comparative analysis also applies to the study of current episodes, such as the eurozone crisis. operation has been repeated, taking into account the episodes amongst these for which the relevant data are available. (The figures are missing for real wages in Ecuador and real wages and the wage share in Hungary for the years before 1995.). 11. More specifically, the tests performed suggested that, in all three country groups, equation (3) must include the contemporary rate of growth of GDP. By contrast, in equation (4) the growth rate of GDP can be explained by its own lagged value and by the contemporary growth rate of real wages. Currency regime crises, real wages, functional income distribution and production 269

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The Welfare Effect of Foreign Monetary Conservatism with Nonatomistic Wage Setters

Cited by 166 publications

References 28 publications

Large Banks, Loan Rate Markup and Monetary Policy

Large Banks, Loan Rate Markup and Monetary Policy

Optimal Degree of Union Centralization

Currency regime crises, real wages, functional income distribution and production

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