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Relative Wages in Monetary Union and Floating

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  • Vartiainen, Juhana

    (Trade Union Institute for Economic Research)

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    Abstract

    We analyse a small open economy with a tradable and a sheltered sector. If the unions that operate in each sector coordinate their wage demands sectorwise, the choice of monetary regime - floating cum inflation target vs EMU - may affect the relative wages and prices of the economy. We show that EMU results in lower prices for tradable goods and lower real wages in the traded sector while opposite results hold for sheltered sector prices and wages. Thus, if large unions behave strategically, the choice of monetary regime has far-reaching structural implications.

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    File URL: http://swopec.hhs.se/fiefwp/papers/WP155.pdf
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    Bibliographic Info

    Paper provided by Trade Union Institute for Economic Research in its series Working Paper Series with number 155.

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    Length: 20 pages
    Date of creation: 04 Nov 1999
    Date of revision:
    Publication status: Published in Scandinavian Journal of Economics, 2002, pages 277-287.
    Handle: RePEc:hhs:fiefwp:0155

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    Related research

    Keywords: Trade unions; Wage bargaining; EMU; Monetary policy;

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    References

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    1. Holden,S., 1999. "Wage setting under different monetary regimes," Memorandum 12/1999, Oslo University, Department of Economics.
    2. Rama, Martin, 1994. "Bargaining structure and economic performance in the open economy," European Economic Review, Elsevier, vol. 38(2), pages 403-415, February.
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    Cited by:
    1. Holden,S., 2000. "Monetary regime and the co-ordination of wage setting," Memorandum 01/2000, Oslo University, Department of Economics.
    2. Holden,S., 1999. "Wage setting under different monetary regimes," Memorandum 12/1999, Oslo University, Department of Economics.

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