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Monetary Regimes and Labour Market Reform

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Author Info
Sibert, Anne
Sutherland, Alan

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Abstract

Policy-makers’ incentives to undertake costly reform depends on the international monetary system. We consider the effect of monetary regimes on labour market reform. We find international negotiation of monetary policy produces less reform than non-cooperation. Reform is lowest of all with monetary union. Because integration lowers reform, inflation is higher under monetary union than with national currencies. It may be higher or lower with negotiation than no coordination. Despite the negative impact on reform, negotiation produces higher welfare than no coordination. Monetary union can produce higher or lower welfare than either negotiation or no coordination.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1731.

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Date of creation: Nov 1997
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Handle: RePEc:cpr:ceprdp:1731

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Related research
Keywords: Economic Reform; Monetary Union; Policy Coordination;

Other versions of this item:

Find related papers by JEL classification:
E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

Cited by:
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  1. Calmfors, Lars, 1998. "Unemployment, Labour-Market Reform and Monetary Union," Seminar Papers 639, Stockholm University, Institute for International Economic Studies. [Downloadable!]
  2. Ansgar Belke & Bernhard Herz & Lukas Vogel, 2007. "Reforms, Exchange Rates and Monetary Commitment: A Panel Analysis for OECD Countries," Open Economies Review, Springer, vol. 18(3), pages 369-388, July. [Downloadable!] (restricted)
  3. Ansgar Belke & Bernhard Herz & Lukas Vogel, 2005. "Structural Reforms and the Exchange Rate Regime: A Panel Analysis for the World versus OECD Countries," IZA Discussion Papers 1798, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  4. 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:
  5. Carsten Hefeker, 2002. "Lohnpolitik und Geldpolitik in Euroland," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 71(3), pages 354-367.
  6. Nikola Bokan & Andrew Hughes Hallett, 2006. " Labour and Product Market Reforms in the Economy with Distortionary Taxation," CDMA Working Paper Series 0604, Centre for Dynamic Macroeconomic Analysis. [Downloadable!]
    Other versions:
  7. Gilles Saint Paul & Samuel Bentolila, 2000. "Will EMU Increase Eurosclerosis?," Economics Working Papers 449, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
    Other versions:
  8. Robert Franzese, 2001. "Strategic Interactions of Monetary Policymakers and Wage/Price Bargainers: A Review with Implications for the European Common-Currency Area," Empirica, Springer, vol. 28(4), pages 457-486, December. [Downloadable!] (restricted)
  9. Ansgar Belke & Bernhard Herz & Lukas Vogel, 2006. "Are Monetary Rules and Reforms Complements or Substitutes? A Panel Analysis for the World versus OECD Countries," Working Papers 129, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
  10. Lars Calmfors, 1998. "Unemployment, Labour-market Reform and Monetary Union," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  11. Andrew Hughes Hallett & Diana N. Weymark, 2001. "The Cost of Heterogeneity in a Monetary Union," Working Papers 0128, Department of Economics, Vanderbilt University. [Downloadable!]
    Other versions:
  12. Hughes Hallett, Andrew & Viegi, Nicola, 2001. "Labour Market Reform and Monetary Policy in EMU: Do Asymmetries Matter?," CEPR Discussion Papers 2979, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  13. Hefeker, Carsten, 2003. "Fiscal Reform and Monetary Union in West Africa," Discussion Paper Series 26257, Hamburg Institute of International Economics. [Downloadable!]
  14. Jürgen Von Hagen, 1999. "Macroeconomic Consequences of the EMU," Empirica, Springer, vol. 26(4), pages 359-374, December. [Downloadable!] (restricted)
  15. Athanasios TAGKALAKIS, 2002. "Labor Market Reform and Wage Bargaining in a Monetary Union," Economics Working Papers ECO2002/28, European University Institute. [Downloadable!]
  16. Ansgar Belke & Daniel Gros, 2007. "Instability of the Eurozone? On Monetary Policy, House Prices and Labor Market Reforms," IZA Discussion Papers 2547, Institute for the Study of Labor (IZA). [Downloadable!]
  17. Daniel Gros & Carsten Hefeker, 2001. "Asymmetries in European Labour Markets and Monetary Policy in Euroland," Occasional Papers 01, European Network of Economic Policy Research Institutes. [Downloadable!]
  18. Carmen Díaz - Roldan, 2003. "Supply-policy coordination in a monetary union," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 18(2), pages 163-179. [Downloadable!]
  19. Norbert Berthold & Rainer Fehn & Eric Thode, 1999. "Real wage rigidities, accommodative demand policies, and the functioning of EMU," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 135(4), pages 545-572, December. [Downloadable!] (restricted)
  20. Carsten Hefeker, 2006. "EMU Enlargement, Policy Uncertainty and Economic Reforms," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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