La flexibilité des prix relatifs et la mobilité du travail en Union monétaire
Adjustment mechanisms through the labour market are studied following two approaches. First, relative prices flexibility is analysed with a macro-economic model estimated for 14 European countries. Model simulations are used to study the consequences of asymmetric shocks; wages and employment flexibility only allows an uncompleted and very slow (beyond ten years) re-equilibrium. The labour mobility is then studied with a modelling of a migration-prices-wages-employment model, applied to the American economy divided into four regions. The simulations confirm that the prices relative flexibility allows only limited adjustments facing demand or supply shocks concerning a specific region. The labour mobility plays indeed a re-equilibrium role, but it remains very reduced.
|Date of creation:||Dec 2002|
|Publication status:||Published in Revue de l'OFCE, Presses de Sciences Po, 2002, 4 (83), pp.325-388|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00487521|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
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