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Currency Unions, Economic Fluctuations and Adjustment: Some Empirical Evidence

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  • Bayoumi, Tamim
  • Prasad, Eswar

Abstract

This paper compares sources of disturbances to output and labour market adjustment in the US currency union compared to a set of EU countries. Comparable datasets comprising 1-digit sectoral data for 8 US regions and 8 European countries are constructed and used to study the relative importance of industry-specific, region-specific, and aggregate shocks to output growth. Both areas are subject to similar overall disturbances although a disaggregated perspective reveals some differences. The major difference, however, is in labour market adjustment. Inter-regional labour mobility appears to be a much more important adjustment mechanism in the United States, which has a more integrated labour market than the EU.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1172.

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Date of creation: May 1995
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Handle: RePEc:cpr:ceprdp:1172

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Keywords: Currency Unions; Economic Fluctuations; Labour Market Adjustment;

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Cited by:
  1. R. Paci & R. Rovelli, 1997. "DO trade and technology reduce asymmetries? Evidence from manufacturing industries in the EU," Working Papers 301, Dipartimento Scienze Economiche, Universita' di Bologna.
  2. Ansgar Belke & Daniel Gros, 2001. "Real Impacts of Intra-European Exchange Rate Variability: A Case for EMU?," Open Economies Review, Springer, vol. 12(3), pages 231-264, July.
  3. Markus Knell, 2004. "The Role of Revaluation and Adjustment Factors in Pay-As-You-Go Pension Systems," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 55–71.
  4. Raul Ramos & Miquel Clar & Jordi Suri?ach, 1998. "Specialization in Europe and asymmetric shocks: Potential risks of EMU," ERSA conference papers ersa98p86, European Regional Science Association.
  5. De Grauwe, Paul & Piskorski, Tomasz, 2001. "Union-wide Aggregates versus National Data Based Monetary Policies: Does it Matter for the Eurosystem?," CEPR Discussion Papers 3036, C.E.P.R. Discussion Papers.
  6. Paul De Grauwe & Hans Dewachter & Yunus Aksoy, 1999. "Effectiveness of Monetary Policy in Euroland," Empirica, Springer, vol. 26(4), pages 299-318, December.
  7. Engwerda, J.C. & Aarle, B. van & Plasmans, J.E.J., 1998. "Fiscal Policy Interaction in the EMU," Discussion Paper 1998-113, Tilburg University, Center for Economic Research.
  8. Vinals, Jose, 1996. "European monetary integration: A narrow or a wide EMU?," European Economic Review, Elsevier, vol. 40(3-5), pages 1103-1109, April.
  9. Dumitru, Ionut, 2009. "Adoptarea euro in Romania
    [Euro adoption in Romania]
    ," MPRA Paper 18612, University Library of Munich, Germany.
  10. Franz Pauer, 1996. "Will Asymmetric Shocks Pose a Serious Problem in EMU?," Working Papers 23, Oesterreichische Nationalbank (Austrian Central Bank).
  11. Julius Horvath, 2004. "Optimum currency area theory: A selective review," Macroeconomics 0401014, EconWPA.
  12. Hallet, Martin, 1999. "The Impact of EMU on cohesion - further research needed?," ERSA conference papers ersa99pa087, European Regional Science Association.
  13. János Gács, 2003. "Transition, EU Accession and Structural Convergence," Empirica, Springer, vol. 30(3), pages 271-303, September.
  14. Weimann, Marco, 2002. "OCA theory and EMU eastern enlargement: An empirical application," Dresden Discussion Paper Series in Economics 07/02, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
  15. Martin Hallet, 1998. "The regional impact of the single currency," ERSA conference papers ersa98p27, European Regional Science Association.

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