Does EMU Promote Labor-Market Reforms?

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Does EMU Promote Labor-Market Reforms?

Author Info

Berthold, Norbert
Fehn, Rainer

Abstract

This paper discusses whether European Monetary Union (EMU) will promote labor-market reforms. Labor-market reforms carry a double dividend: not only structural unemployment but also equilibrium inflation is decreased. However, with labor-market reforms being implemented nationally, the latter effect is not present in EMU so that EMU does not work in favor of labor-market reforms. This result is reinforced by the existence of nominal rigidities. A contrary effect arises if EMU itself increases structural unemployment. Yet, this positive effect of EMU on labor-market reforms is compromised if it is caused by the possibility for participating countries to produce negative fiscal externalities. Copyright 1998 by WWZ and Helbing & Lichtenhahn Verlag AG

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Article provided by Blackwell Publishing in its journal Kyklos.

Volume (Year): 51 (1998)
Issue (Month): 4 ()
Pages: 509-36
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Handle: RePEc:bla:kyklos:v:51:y:1998:i:4:p:509-36

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Bas Van Aarle & Jacob Engwerda & Joseph Plasmans & Arie Weeren, 2001. "Macroeconomic Policy Interaction under EMU: A Dynamic Game Approach," Open Economies Review, Springer, vol. 12(1), pages 29-60, January. [Downloadable!] (restricted)
Other versions:
- Van Aarle B. & Engwerda J.C. & Plasmans J. & Weeren A., 1999. "Macroeconomic policy interaction under EMU : a dynamie game approach," Working Papers 1999020, University of Antwerp, Faculty of Applied Economics. [Downloadable!]
Jordahl, Henrik & Laséen, Stefan, 1999. "Central Bank Conservatism and Labor Market Reform," Working Paper Series 1999:23, Uppsala University, Department of Economics. [Downloadable!]
Other versions:
- Jordahl, H. & Laseen, S., 1999. "Central Bank Conservatism and Labor Market Reform," Papers 1999:23, Uppsala - Working Paper Series.
M. Burda, . "European Labor Markets and the Euro: How Much Flexibility Do We Really Need?," Sonderforschungsbereich 373 1999-41, Humboldt Universitaet Berlin.
Other versions:
- Michael C. Burda, 2001. "European Labour Markets and the Euro: How Much Flexibility Do We Really Need?," Economics Working Papers 003, European Network of Economic Policy Research Institutes. [Downloadable!]
- Burda, Michael C, 1999. "European Labour Markets and the Euro: How Much Flexibility Do We Really Need?," CEPR Discussion Papers 2217, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

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