Coricelli, Fabrizio; Cukierman, Alex; Dalmazzo, Alberto - 2008
Existing literature on the strategic interaction between the central bank (CR) and unions assumes that firms face …. This is done in a three stage game, in the first stage of which unions contractually set nominal wages, in the second stage … employment and output even when inflation is fully anticipated by labor unions and even when unions are indifferent to inflation …