Bank of Italy paper on impact of conservative central banking

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A Bank of Italy paper published on Sunday sheds light on the real effect of foreign central bank conservatism in labour negotiations.

The paper’s author, Vincenzo Cuciniello, studies conservative monetary policies, or central banks' aversion to inflation, in an open economy with non-atomistic wage setters. Cuciniello is interested in how three central bank strategic channels – an output, terms-of-trade and substitution effect – influence wage demands by labour unions.

Labour substitution is

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