The paper analyses various mechanism through which monetary union in Euroep may affect unemployment. The focus is on the political incentives for labour-market reform. There will be more reform outside than inside the EMU to the extent that a national inflation bias can be reduced. But if there is a precautionary motive for low average unemployment in order to reduce the utility cost of macroeconomic variability, there could be more reform in a monetary union.
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Paper provided by Stockholm - International Economic Studies in its series Papers with number
639.
Length: 34 pages Date of creation: 1998 Date of revision: Handle: RePEc:fth:stocin:639
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Find related papers by JEL classification: E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions J29 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Other
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