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This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone … and inflation volatility ; labor turnover costs ; unemployment benefits ; unemployment ; eurozone …
Persistent link: https://www.econbiz.de/10003961662
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"This paper deals with potential instabilities in the Eurozone stemming from an insufficient interplay between monetary … policy and reform effort on the one hand and the emergence of intra-Euro area divergences on the other. As a first step, we … are now appearing within the Euro area which threaten its long-term cohesiveness. The most manifest example of this threat …
Persistent link: https://www.econbiz.de/10003429626
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The persistently low wage and price growth in the EMU after the Great Recession of 2009 led some economic observers to conclude that the Phillips Curve has broken down and that the ECB should therefore reconsider its infl ation target. This study makes use of the considerable cross-country and...
Persistent link: https://www.econbiz.de/10011987417
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Oil price increases and the persistent OPEC current account surpluses were considered the main problems of economic development in many industrial and developing countries long after the first oil crisis. Since 1983, however, the OPEC surpluses have been completely absorbed and the official base...
Persistent link: https://www.econbiz.de/10011553074
We develop a two-sector, heterogeneous-agent model with incomplete financial markets to study the distributional effects and aggregate welfare implications of alternative monetary policy rules in emerging market economies. Relative to inflation targeting, exchange rate management benefits...
Persistent link: https://www.econbiz.de/10011309046
The US-Dollar has inflated the world. Its vehicle is the present international monetary system of pegged exchange rates. This system which was introduced to stimulate International trade and division of labour between the different countries became an important promoter of world wide inflation.
Persistent link: https://www.econbiz.de/10011560186