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Unemployment, Labour-Market Reform and Monetary Union

Calmfors, L. - Institute for International Economic Studies (IIES), … - 1998

that a national inflation bias can be reduced. But if there is a precautionary motive for low average unemployment in order …

Persistent link: https://www.econbiz.de/10005780000

One Money, One Market: Estimating the Effect of Common Currencies on Trade

Rose, Andrew - Institute for International Economic Studies (IIES), … - 1999

A gravity model is used to assess the separate effects of exchange rate volatility and currency unions on international trade. The panel data set I use includes bilateral observations for five years spanning 1970 through 1990 for 1986 countires. In this data set, there are over one hundred...

Persistent link: https://www.econbiz.de/10005190721

The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap

Svensson, Lars - Institute for International Economic Studies (IIES), … - 2000

of price-level or inflation targeting when the price-level target is reached. This will jump-start the economy by a real … depreciation of the domestic currency, a lower long real interest rate, and increased inflation expectations. The abandonment of … the exchange-rate peg and shift to price-level or inflation targeting will avoid the risk of overheating. Some conclusions …

Persistent link: https://www.econbiz.de/10005190727

Macroeconomic Policy, Wage Setting and Employment - What Difference Does the EMU Make?

Calmfors, Lars - Institute for International Economic Studies (IIES), … - 1998

) Although an inflation-target regime will constrain monetary policy of a non-participant in the EMU, it still leaves …

Persistent link: https://www.econbiz.de/10005419669

Nominal Wage Flexibility, Wage Indexation and Monetary Union

Calmfors, Lars; Johansson, Åsa - Institute for International Economic Studies (IIES), … - 2002

Membership in a monetary union (EMU) is likely to imply stronger incentives for nominal wage flexibility in the form of wage indexation and shorter contract length than non-membership. For example, EMU entry may cause a move from a nonindexation to an indexation equilibrium. But more wage...

Persistent link: https://www.econbiz.de/10005419674

Macroeconomic Policy, Wage Setting and Employment -What Differences Does the EMU Make?.

Calmfors, L. - Institute for International Economic Studies (IIES), … - 1998

) Although an inflation-target regime will constrain monetary policy of a non-participant in the EMU, it still leaves …

Persistent link: https://www.econbiz.de/10005638774

Monetary Union and Precautionary Labour-Market Reform.

Calmfors, L. - Institute for International Economic Studies (IIES), … - 1998

The paper demonstrates that policy makers may have a precautionary motive to undertake more labour-market reform -and hence attain lower equilibrium unemployment- inside a monetary union than outside. The reason is a desire to reduce utility cost of variations in employment when asymmetric...

Persistent link: https://www.econbiz.de/10005638782

Monetary Union and Precautionary Labour-Market Reform

Calmfors, Lars - Institute for International Economic Studies (IIES), … - 1998

The paper demonstrates that policy makers have a precautionary motive to undertake more labour-market reform - and hence attain lower equilibrium unemployment - inside a monetary union than outside. The reason is a desire to reduce the utility cost of variations in employment when asymmetric...

Persistent link: https://www.econbiz.de/10005648758

Improving the SGP: Taxes and Delegation Rather than Fines

Lindbeck, Assar; Niepelt, Dirk - Institute for International Economic Studies (IIES), … - 2004

We analyze motivations for, and possible alternatives to, the Stability and Growth Pact (SGP). With regard to the former, we identify domestic policy failures and various cross-country spillover effects; with regard to the latter, we contrast an "economic-theory" perspective on optimal...

Persistent link: https://www.econbiz.de/10005648776

Economic Structure and the Decision to Adopt a Common Currency

Frankel, Jeffrey A.; Rose, Andrew K. - Institute for International Economic Studies (IIES), … - 1997

Everyone studying EMU cites the theory of Optimum Currency Areas: whether a country like Sweden should join the currency union depends on such parameters as the extent of Swedish trade with other EU members and the correlation of Sweden’s income with that of other members. Few economists have...

Persistent link: https://www.econbiz.de/10005648791