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The Single Currency and Labour Market Flexibility: a Necessary Partnership?

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  • A. J. Hughes Hallett
  • Yue Ma
  • Maria Demertzis

Abstract

This paper examines the macroeconomic consequences of rigidities in the European labour markets, and shows that attempts to impose a single monetary regime on economies with different structures can lead to a breakdown in co‐ordination. Such breakdowns can occur when expenditure‐switching effects are dominated by the income effects of greater policy discipline. Market flexibility should therefore be given greater importance than the process of policy formulation in the ‘New Europe’

Suggested Citation

  • A. J. Hughes Hallett & Yue Ma & Maria Demertzis, 2000. "The Single Currency and Labour Market Flexibility: a Necessary Partnership?," Scottish Journal of Political Economy, Scottish Economic Society, vol. 47(2), pages 141-155, May.
    • Handle: RePEc:bla:scotjp:v:47:y:2000:i:2:p:141-155
    DOI: 10.1111/1467-9485.00157
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    Cited by:

    1. Ian Babetskii, 2006. "Aggregate Wage Flexibility in Selected New EU Member States," Working Papers 2006/1, Czech National Bank.
    2. Maczulskij, Terhi, 2013. "Public–private sector wage differentials and the business cycle," Economic Systems, Elsevier, vol. 37(2), pages 284-301.
    3. Olli Castrén & Tuomas Takalo & Geoffrey Wood, 2010. "Unemployment Persistence And The Sustainability Of Exchange Rate Pegs," Scottish Journal of Political Economy, Scottish Economic Society, vol. 57(1), pages 85-102, February.

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