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Degré de flexibilité des marchés du travail, ajustement à des chocs asymétriques et union monétaire européenne

  • Hélène Erkel-Rousse

[fre] Degré de flexibilité des marchés du travail, ajustement à des chocs asymétriques et union monétaire européenne . par Hélène Erkel-Rousse . Selon Mundell (1961), l'ajustement de régions en union monétaire ne pose pas de problème majeur si les chocs qu'elles subissent sont faiblement asymétriques et que leurs marchés du travail sont suffisamment flexibles. Ces deux conditions ne paraissant pas idéalement remplies par l'Union européenne, on pourrait craindre que les États membres rencontrent des difficultés d'ajustement en union monétaire. Cependant, le message de Mundell doit être atténué. D'une part, la flexibilité des marchés du travail n'est qu'un élément d'ajustement parmi d'autres. Quant à l'importance conférée au degré d'asymétrie des chocs, elle est nuancée par le fait que la manipulation des changes n'est pas aussi aisée et bénéfique que le suggère Mundell. [eng] Labour Market Flexibility, Adjustment to Asymmetric Shocks and European Monetary Union . by Hélène Erkel-Rousse . In 1961, Mundell posited that regions would have no major problems adjusting to monetary union provided that the shocks they sustained were not very asymmetric and their labour markets were sufficiently flexible. The European Union does not appear to perfectly satisfy these two conditions and the member countries could consequently have problems adjusting to monetary union. However, Mundell's claim should not be taken at face value. First of all, labour market flexibility is just one adjustment element among others. Secondly, the importance accorded to the extent of shock asymmetry is moderated by the fact that the manipulation of exchange rates is not as easy and beneficial as Mundell suggests.

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Article provided by Programme National Persée in its journal Économie & prévision.

Volume (Year): 128 (1997)
Issue (Month): 2 ()
Pages: 79-100

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Handle: RePEc:prs:ecoprv:ecop_0249-4744_1997_num_128_2_5850
Note: DOI:10.3406/ecop.1997.5850
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  25. repec:fth:inseep:9516 is not listed on IDEAS
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