Monetary Regimes and Labour Market Reform
AbstractPolicy-makers’ incentives to undertake costly reform depends on the international monetary system. We consider the effect of monetary regimes on labour market reform. We find international negotiation of monetary policy produces less reform than non-cooperation. Reform is lowest of all with monetary union. Because integration lowers reform, inflation is higher under monetary union than with national currencies. It may be higher or lower with negotiation than no coordination. Despite the negative impact on reform, negotiation produces higher welfare than no coordination. Monetary union can produce higher or lower welfare than either negotiation or no coordination.
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Bibliographic InfoPaper provided by Department of Economics, University of York in its series Discussion Papers with number 97/14.
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Postal: Department of Economics and Related Studies, University of York, York, YO10 5DD, United Kingdom
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- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
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