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La convergenza dei salari manifatturieri in Europa

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  • Piero Cipollone

    ()
    (Banca d'Italia)

Abstract

In a recent document OECD has suggested that the monetary union could bring about a convergence of wages'Â’ level in Europe. Such a convergence could be rather harmful for some country's competitiveness and for the conduct of monetary policy, unless it is fully matched by a consistent equalisation in the levels of labour productivity. This paper contributes to this debate by proving an evaluation of the actual magnitude of the dispersion of manufacturing wages across of Europe. Results suggest that from the early seventies labour costs in European manufacturing sectors have been converging; thus in the 1990 actual dispersion of labour costs is rather low.The equalisation of wages is entirely due to the reduction of the between countries component of wage dispersion that has been driven by the levelling off of the labour productivity among European countries. The sectoral component of dispersion did not decline because inter industry wage differentials are stable over time and similar across countries, as they reflect aggregations of workers with different level of skill. However EMU could play a role in reducing wages dispersion across Europe by fostering a change in the national wage bargaining system, leading to more egalitarian paradigma, and by reducing firmsÂ’ rents on product markets by increasing competition.

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Bibliographic Info

Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 398.

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Date of creation: Feb 2001
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Handle: RePEc:bdi:wptemi:td_398_01

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Related research

Keywords: differenziali salariali; convergenza; Unione monetaria;

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Cited by:
  1. Eugenio Gaiotti, 2004. "Pitfalls of monetary policy under incomplete information: imprecise indicators and real indeterminacy," Temi di discussione (Economic working papers) 488, Bank of Italy, Economic Research and International Relations Area.
  2. Luca Dedola & Eugenio Gaiotti & Luca Silipo, 2001. "Money demand in the euro area: do national differences matter?," Temi di discussione (Economic working papers) 405, Bank of Italy, Economic Research and International Relations Area.
  3. Matteo Bugamelli & Alfonso Rosolia, 2006. "Productivity and foreign competition," Temi di discussione (Economic working papers) 578, Bank of Italy, Economic Research and International Relations Area.
  4. Francesco Columba, 2004. "Transaction Technology Innovation and Demand for Overnight Deposits in Italy," Macroeconomics 0404011, EconWPA.
  5. Paolo Angelini & Paolo Del Giovane & Stefano Siviero & Daniele Terlizzese, 2002. "Monetary Policy Rules for the Euro Area: What Role for National Information?," Temi di discussione (Economic working papers) 457, Bank of Italy, Economic Research and International Relations Area.
  6. Monica Paiella, 2003. "Revisiting the Implications of Heterogeneity in Financial Market Participation for the C-CAPM," Temi di discussione (Economic working papers) 473, Bank of Italy, Economic Research and International Relations Area.

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