Advanced Search
MyIDEAS: Login

Asymétries, ajustements et relations salariales dans l'Union européenne

Contents:

Author Info

  • Jacques Mazier
  • Sophie Saglio

Abstract

[fre] Asymmetries, Adjustment and Wage Relations in the European Union Since the euro was launched, divergences in European economies' evolutions have been more significant than generally expected. This new ment has once more brought to the fore two traditional questions related to the functioning of a Monetary Union, i.e. the role played by relative-price adjustment mechanisms and the difficulties inherent in asymmetric evolutions. In order to give a comprehensive appreciation of these questions, this paper will be based on a multinational macroeconomic model describing the interdependence between 14 European countries and allowing the simulation of asymmetric/symmetric demand or supply shocks. The efficiency of relative-price adjustment mechanisms seems limited and, even in the most flexible countries, the return to equilibrium is slow and still incomplete after 10 years. However, the differences in adjustment mechanisms, which can be explained on account of each member country's structural characteristics, remain a source of asymmetries between the member countries of the European Union. Extra-European exchanges have a stabilizing role which is uneven between one country and another on account of its openness degree and the value of price elasticities. Several lessons can be drawn from those results in terms of fiscal policy and wage policy. Lastly, as a consequence of a better perception of the transformation of the monetary regime, deep changes are likely to occur concerning wage relations. Increased pressures may affect wages and employment, mainly in northern European countries wanting to preserve their competitiveness. According to another logic, when comparing their wages in euros, workers in the countries with the lowest salaries may be led to claim -and obtain- wage increases in exchange for productivity gains. Three models are proposed to explore the outcome of such a logic for northern and southern European countries. It is possible to speak of a nominal convergence of prices and wages, but without real convergence.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://dx.doi.org/10.3406/rfeco.2004.1541
Download Restriction: no

File URL: http://www.persee.fr/articleAsPDF/rfeco_0769-0479_2004_num_19_1_1541/rfeco_0769-0479_2004_num_19_1_1541.pdf?mode=light
Download Restriction: no

Bibliographic Info

Article provided by Programme National Persée in its journal Revue française d'économie.

Volume (Year): 19 (2004)
Issue (Month): 1 ()
Pages: 37-76

as in new window
Handle: RePEc:prs:rfreco:rfeco_0769-0479_2004_num_19_1_1541

Note: DOI:10.3406/rfeco.2004.1541
Contact details of provider:
Web page: http://www.persee.fr/web/revues/home/prescript/revue/rfeco

Related research

Keywords:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:prs:rfreco:rfeco_0769-0479_2004_num_19_1_1541. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.