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Monetary Union and Precautionary Labour-Market Reform

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Author Info
Calmfors, Lars () (Institute for International Economic Studies, Stockholm University)
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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Publisher 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
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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;

Other versions of this item:

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

Cited by:
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  1. Jordahl, Henrik & Laséen, Stefan, 1999. "Central Bank Conservatism and Labor Market Reform," Working Paper Series 1999:23, Uppsala University, Department of Economics. [Downloadable!]
    Other versions:
  2. M. Burda, . "European Labor Markets and the Euro: How Much Flexibility Do We Really Need?," Sonderforschungsbereich 373 1999-41, Humboldt Universitaet Berlin.
    Other versions:
  3. repec:fth:prinin:424 is not listed on IDEAS
  4. 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. [Downloadable!] (restricted)
  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. [Downloadable!]
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