Hysteresis, the Phillips Curve and the Costs of Monetary Union
AbstractIf actual unemployment affects the NAIRU through a hysterisis effect, the disinflation involved in reducing a country's inflation rate to that of its future partners in a monetary union could produce a long term cost to monetary union in the form of a lasting rise in the NAIRU. This note sets out a framework for analysing the likelihood of such an eventuality.
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Bibliographic InfoPaper provided by Centre for Research into Industry, Enterprise, Finance and the Firm in its series CRIEFF Discussion Papers with number 9620.
Date of creation: Oct 1996
Date of revision:
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Unemployment; Hysterisis; Phillips Curve; Monetary Union;
Other versions of this item:
- David Cobham & Steve Williams, 1998. "Hysteresis, the Phillips curve and the costs of monetary union," Applied Economics Letters, Taylor and Francis Journals, vol. 5(8), pages 477-480.
- E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
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- Demertzis, Maria & Hallett, Andrew Hughes, 1998. "Asymmetric transmission mechanisms and the rise in European unemployment: A case of structural differences or of policy failures?," Journal of Economic Dynamics and Control, Elsevier, vol. 22(6), pages 869-886, June.
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