Grüner, Hans Peter (contributor); Hayo, Bernd (contributor) - 2005
monetary uncertainty reduces trade unions’ incentives to claim higher wages (Sorensen, 1991,
Grüner, 2002a, 2002b). According … the trade union’s
characteristics affect wages and prices. More recently, Cukierman and Lippi (1999) have
analyzed how … inflation rate. For I = 1, b will be
one-half. Finally, for I = ∞, b equals zero, i.e. wages have no impact on inflation …