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Monetary Union and Precautionary Labour-Market Reform

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  • Calmfors, Lars

    ()
    (Institute for International Economic Studies, Stockholm University)

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    Abstract

    The 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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    File URL: http://su.diva-portal.org/smash/get/diva2:328238/FULLTEXT01
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    Bibliographic Info

    Paper provided by Stockholm University, Institute for International Economic Studies in its series Seminar Papers with number 659.

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    Length: 16 pages
    Date of creation: 01 Nov 1998
    Date of revision:
    Handle: RePEc:hhs:iiessp:0659

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    Postal: Institute for International Economic Studies, Stockholm University, S-106 91 Stockholm, Sweden
    Phone: +46-8-162000
    Fax: +46-8-161443
    Web page: http://www.iies.su.se/
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    Related research

    Keywords: Monetary Union; Asymmetric Shocks; Stabilisation policy; Labour-Market Reform; Equilibrium Unemployment;

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    Cited by:
    1. 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.
    2. Lars Calmfors, 2001. "Wages and Wage-Bargaining Institutions in the EMU – A Survey of the Issues," Empirica, Springer, vol. 28(4), pages 325-351, December.
    3. Jordahl, Henrik & Laséen, Stefan, 1999. "Central Bank Conservatism and Labor Market Reform," Working Paper Series 1999:23, Uppsala University, Department of Economics.
    4. repec:fth:prinin:424 is not listed on IDEAS
    5. 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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