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When Eastern Labour Markets Enter Western Europe. CEECs Labour Market Institutions upon Euro Zone Accession

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Abstract

This paper reviews the literature on the labour market institutions in European Union Member States in the context of monetary integration. Traditionally, labour markets are a key concept in the optimal currency area theory, playing the role of the only accommodation mechanism of asymmetric shocks after the monetary unification. There are several theoretical frameworks linking the institutional design of the labour market to the potential effectiveness of monetary policy in the context of currency areas. Many empirical studies addressed these issues too, yielding important policy implications for labour market reforms in the process of monetary unification. However, there seem to be "white spots” in this patchwork, which may actually be particularly useful from the perspective of CEECs upon the accession to the euro zone. We suggest these research directions encompassing labour supply and theoretical frameworks of labour market flexibility benchmarking in the context of monetary integration.

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  • Joanna Tyrowicz, 2009. "When Eastern Labour Markets Enter Western Europe. CEECs Labour Market Institutions upon Euro Zone Accession," NBP Working Papers 61, Narodowy Bank Polski.
    • Handle: RePEc:nbp:nbpmis:61
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    More about this item

    Keywords

    labour market institutions; monetary integration; labour market reform; CEECs; EMU;
    All these keywords.

    JEL classification:

    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • F15 - International Economics - - Trade - - - Economic Integration
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy

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