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Monetary Regimes and Labour Market Reform

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  • Sibert, Anne
  • Sutherland, Alan

Abstract

Policy-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.

Suggested Citation

  • Sibert, Anne & Sutherland, Alan, 1997. "Monetary Regimes and Labour Market Reform," CEPR Discussion Papers 1731, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:1731
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    Keywords

    Economic Reform; Monetary Union; Policy Coordination;

    JEL classification:

    • 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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