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Monetary union and european unemployment

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  • Jose Vinals
  • Juan F. Jimeno

Abstract

In this paper we analyse the likely effects of Economic and Monetary Union (EMU) on European unemployment. We start by describing the current unemployment situation in the European Union (EU). In so doing, we try to assess the relative importance of European, national and regional shocks in driving national and regional unemployment rates, and also to estimate the degree of real wage rigidity across EU countries. We then discuss various factors which, in principle, may contribute towards explaining the high and persistent EU unemployment rates, focusing on several labour market institutions like collective bargaining, job security legislation and unemployment benefits. The final part of the paper analyses, in light of the above evidence, the likely impact of EMU on European unemployment in the short and medium term. We conclude that while the presently high European unemployment rates should not preclude EMU from being established, the operation of the monetary union will be smoother and its net economic benefits larger if Member countries succeed in implementing those structural labour market reforms which are needed for unemployment to go to lower, more reasonable rates.

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Paper provided by FEDEA in its series Working Papers with number 96-22.

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Handle: RePEc:fda:fdaddt:9622

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Cited by:
  1. Mª del Carmen Díaz Roldán, 1998. "La coordinacion internacional de la politica monetaria en presencia de perturbaciones simetricas: ¿Resulta beneficioso cooperar?," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 9808, Departamento de Economía - Universidad Pública de Navarra.
  2. Sibert, Anne & Sutherland, Alan, 2000. "Monetary union and labor market reform," Journal of International Economics, Elsevier, vol. 51(2), pages 421-435, August.
  3. Todd E. Clark & Eric van Wincoop, 1999. "Borders and business cycles," Research Working Paper 99-07, Federal Reserve Bank of Kansas City.
  4. 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.
  5. Coppel, Jonathan & Durand, Martine & Visco, Ignazio, 2000. "The European Monetary Union, the euro, and the European policy mix," Journal of Asian Economics, Elsevier, vol. 11(1), pages 31-63.
  6. Norbert Berthold & Rainer Fehn, 2002. "Arbeitsmarktpolitik in der Europäischen Währungsunion," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 3(3), pages 317-345, 08.
  7. Joan Costa-i-Font & Ramon Tremosa-i-Balcells, . "Spanish Regions and the Macroeconomic Benefits of European Monetary Union (EMU)," Studies on the Spanish Economy 89, FEDEA.
  8. Berthold, Norbert & Fehn, Rainer, 2002. "Struktureller Wandel, new economy und Beschäftigungsentwicklung: welche Rolle spielen die institutionellen Rahmenbedingungen auf dem Kapitalmarkt?," Wirtschaftswissenschaftliche Beiträge 53, Julius-Maximilians-Universität Würzburg, Lehrstuhl für Volkswirtschaftslehre, insbes. Wirtschaftsordnung und Sozialpolitik.
  9. Michel Beine & Bertrand Candelon & Alain Hecq, 2000. "Assessing a Perfect European Optimum Currency Area: A Common Cycles Approach," Empirica, Springer, vol. 27(2), pages 115-132, June.
  10. Mario Forni & Lucrezia Reichlin, 2001. "Federal policies and local economies: Europe and the U.S," ULB Institutional Repository 2013/10141, ULB -- Universite Libre de Bruxelles.
  11. Dohse, Dirk & Krieger-Boden, Christiane & Siebert, Horst, 1998. "Währungsunion und Arbeitsmarkt : Auftakt zu unabdingbaren Reformen," Open Access Publications from Kiel Institute for the World Economy 997, Kiel Institute for the World Economy (IfW).
  12. Berthold, Norbert & Fehn, Rainer, 2000. "Arbeitsmarktpolitik in der Europäischen Währungsunion," Wirtschaftswissenschaftliche Beiträge 38, Julius-Maximilians-Universität Würzburg, Lehrstuhl für Volkswirtschaftslehre, insbes. Wirtschaftsordnung und Sozialpolitik.
  13. Joan Costa-i-Font, 2010. "Regional single currency effects on bilateral trade with the European Union," LSE Research Online Documents on Economics 53292, London School of Economics and Political Science, LSE Library.
  14. Elías Albagli & Pablo García & Jorge Restrepo, 2004. "Labor Market Rigidity and Structural Shocks: An Open-Economy Approach for International Comparisons," Working Papers Central Bank of Chile 263, Central Bank of Chile.
  15. Gwen Eudey, 1998. "Why is Europe forming a monetary union?," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 13-21.
  16. Marcos Miguel García Velasco, 2000. "Integración económica, convergencia real y empleo en las regiones europeas entre 1986 y 1996," Revista de Estudios Regionales, Universidades Públicas de Andalucía, vol. 3, pages 113-134.

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