The Interaction of Monetary Policy and Wage Bargaining in the European Monetary Union

Lessons from the Endogenous Money Approach

  • Sebastian Dullien

Table of contents

  1. Front Matter
    Pages i-xiv
  2. Sebastian Dullien
    Pages 48-75
  3. Sebastian Dullien
    Pages 194-227
  4. Sebastian Dullien
    Pages 228-231
  5. Back Matter
    Pages 232-276

About this book


Sebastian Dullien gives a novel explanation for unemployment and inflation in the Euro-Zone. He argues that unemployment stems from a lack of co-operation between unions and monetary authorities: In an economy with endogenous money as EMU, wage setters are responsible for price stability while the central bank is responsible for the level of output. Co-operation between both actors is necessary for high employment and low inflation. The current institutional set-up is found to be unable to assure cooperation.


employment Inflation monetary policy monetary union money unemployment unions

Authors and affiliations

  • Sebastian Dullien
    • 1
  1. 1.Financial Times DeutschlandGermany

Bibliographic information