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Financial institutions --- Taxation --- Capital market --- Institutions financières --- Impôt --- Marché financier --- Congresses --- Congrès --- Europe --- Economic integration --- Intégration économique --- Congresses. --- Institutions financières --- Impôt --- Marché financier --- Congrès --- Intégration économique --- Droit fiscal

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It is shown in a game theoretic framework that it may pay off to signal a “conservative” policy stance--giving a high priority to price stability--by appreciating the exchange rate. Such an appreciation demonstrates to domestic producers and more precisely to the trade union that the new policy stance is meant to be serious. An example explores the welfare implication for the policy maker and the trade union. The empirical background of the paper refers to the monetary policy in Europe. It explains the occurrence of exchange rate commitments to the deutsche mark, with appreciated rates.

Banks and Banking --- Foreign Exchange --- Labor --- Labor-Management Relations, Trade Unions, and Collective Bargaining: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Wages, Compensation, and Labor Costs: General --- Currency --- Foreign exchange --- Trade unions --- Banking --- Labour --- income economics --- Exchange rates --- Labor unions --- Real exchange rates --- Wage adjustments --- Wages --- Banks and banking --- United Kingdom --- Income economics

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