Labour Markets and Monetary Union : A Strategic Analysis  

Oleh:

Cukierman, Alex ; Lippi, Francesco

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 111 no. 473 (2001), page 541-565.
Topik: labour market; labour market; monetary unions; strategic analysis
Fulltext: 541.pdf (270.76KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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This paper shows that the effects of a monetary union depend on several labour market features. In particular, the switch from national monetary policies to a common monetary policy usually affects both inflation and unemployment, even when all structural parameters of the economy and of unions' and policymakers' preferences remain the same. The benchmark case of a monetary union between identical countries suggests that the switch to a monetary union is likely to make labour unions more aggressive, increasing unemployment. Qualifications to this result are provided under alternative institutional scenarios, like cross - country asymmetries, (pre - union) ERM membership and wage leadership.

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