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Central bank delegation with nonatomistic unions
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adverse competitiveness adverse output aggregate real wage Appendix aversion on employment aversion to inflation BANCA D'ITALIA bank inflation aversion bank's central bank inflation conservative central bank Cukierman and Lippi delegate monetary policy discretionary policy dlogWj dominates the adverse economy elasticity of labor employment and inflation employment effect equilibrium effects equilibrium employment equilibrium outcomes hence higher impact effect impact of Wj implies increase in Wj independent central bank inflation rate Inflation Targets inflationary bias Kydland labor demand elasticity labor inputs log Lj logL marginal cost microfounded Monopolistic Competition monopolistic power Nash equilibrium nominal wage growth non-atomistic unions number of unions objective function optimal level optimal time-inconsistent order condition partial derivative policy game policy maker's Proposition rational expectations real wage elasticity Rogoff Section substitutability symmetric equilibrium Tabellini union perceives unions are atomistic unions internalize unit increase wage bargaining wage setters wage setting wages of union welfare workers yields