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- W1978637422 abstract "Abstract We demonstrate that cooperative monetary stabilization policies need not be advantageous when interdependent economies are subject to symmetric shocks. In comparison with non-cooperative policies, inflation becomes more uncertain under cooperation. When unions hedge against more inflation uncertainty by raising wage demands, average employment (inflation) decreases (increases). Such stagflationary properties are therefore most likely to materialize when policies are performed cooperatively." @default.
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- W1978637422 date "1993-12-01" @default.
- W1978637422 modified "2023-09-27" @default.
- W1978637422 title "Uncertainty in interdependent economies with monopoly unions" @default.
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- W1978637422 doi "https://doi.org/10.1016/0164-0704(93)90050-v" @default.
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