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Jürgen Jerger
Nachfragesteuerung, Lohnbildung und Beschäftigung
[Demand Management, Wage Setting and Employment. By Jürgen Jerger.]
1999. XI, 258 pages. unrevised ebook edition 2025. Published in German.
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Summary
The interaction of demand management and wage setting is of great significance for the determination of output, employment and inflation. Although this is quite uncontroversial, the two fields of demand management (monetary policy in particular) and wage setting are generally dealt with in models which abstract from the other area or portray it with insufficient auxiliary hypotheses. Thus, wage setting has virtually no role in the entire 'central bank literature', while conversely demand and monetary policies are not explicitly taken into account in models of wage setting. This modeling choice implies that, in the long run, monetary policy can only influence nominal variables, whereas all real variables are the responsibility of wage setters.
Jürgen Jerger attempts to merge these models and to pinpoint the circumstances under which the traditional results just mentioned - and modifications thereof - are obtained. Hence, the model permits an analysis of the interaction of monetary policy and wage setting. The model is also put to use for a theoretical and empirical evaluation of the consequences of alternative monetary policy strategies.
Jürgen Jerger attempts to merge these models and to pinpoint the circumstances under which the traditional results just mentioned - and modifications thereof - are obtained. Hence, the model permits an analysis of the interaction of monetary policy and wage setting. The model is also put to use for a theoretical and empirical evaluation of the consequences of alternative monetary policy strategies.