Monetary Union and Precautionary Labour-Market Reform
AbstractThe paper demonstrates that policy makers have a precautionary motive to undertake more labour-market reform - and hence attain lower equilibrium unemployment - inside a monetary union than outside. The reason is a desire to reduce the utility cost of variations in employment when asymmetric shocks can no longer be stabilised through domestic monetary policy.
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Bibliographic InfoPaper provided by Stockholm University, Institute for International Economic Studies in its series Seminar Papers with number 659.
Length: 16 pages
Date of creation: 01 Nov 1998
Date of revision:
Contact details of provider:
Postal: Institute for International Economic Studies, Stockholm University, S-106 91 Stockholm, Sweden
Web page: http://www.iies.su.se/
More information through EDIRC
Monetary Union; Asymmetric Shocks; Stabilisation policy; Labour-Market Reform; Equilibrium Unemployment;
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
- J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
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- Alexis Penot, 2002. "Appréciations et conséquences possibles de l'hétérogénéité structurelle de la zone euro," Revue d'Économie Financière, Programme National Persée, vol. 65(1), pages 153-175.
- Lars Calmfors, 2001. "Wages and Wage-Bargaining Institutions in the EMU â€“ A Survey of the Issues," Empirica, Springer, vol. 28(4), pages 325-351, December.
- Jordahl, Henrik & Laséen, Stefan, 1999.
"Central Bank Conservatism and Labor Market Reform,"
Working Paper Series
1999:23, Uppsala University, Department of Economics.
- repec:fth:prinin:424 is not listed on IDEAS
- Calmfors, Lars, 2001. "Wages and wage-bargaining institutions in the EMU – a survey of the issues," Seminar Papers 690, Stockholm University, Institute for International Economic Studies.
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