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Krieger-Boden, Christiane - 1999

This paper discusses the challenges that European Monetary Union (EMU) poses for European labor markets, emphasizing in particular the regional dimension of the European unemployment problem. The authors argue that the inability of labor markets to adjust to shocks is largely a regional problem...

Persistent link: https://www.econbiz.de/10014400813

Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase

Thode, Eric - 1999

EMU started with eleven member countries as scheduled on January 1, 1999. The paper shows that the primacy of politics over economics in this decision could have serious consequences concerning the stability of EMU in the transition phase. Speculative attacks against currencies which are in...

Persistent link: https://www.econbiz.de/10014401049

Sovereign Risk and Belief-Driven Fluctuations in the Euro Area

Corsetti, Giancarlo - 2013

Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this “sovereign risk channel.” The model is calibrated to the euro...

Persistent link: https://www.econbiz.de/10014394535

Determinants of Inflation in the Euro Area : The Role of Labor and Product Market Institutions

Morsy, Hanan - 2012

While inflation differentials in a monetary union can be benign, reflecting a catch-up process, or an adjustment … domestic product and labor markets that amplify or make more persistent the impact of shocks on inflation. The paper examines … the determinants of inflation differentials in the euro area, with emphasis on the role of country specific labor and …

Persistent link: https://www.econbiz.de/10014396990

The U.K. Business Cycle, Monetary Policy, and EMU Entry

Samiei, Hossein - 2000

In the context of the U.K. government’s EMU entry condition of cyclical convergence, this paper (i) provides further evidence suggesting that historically the U.K.’s business cycle has been more volatile than, and relatively independent of, the cycles in the euro-area countries; and (ii)...

Persistent link: https://www.econbiz.de/10014401449

Searching for the Virtues of the European Model

Saint-Paul, Gilles - 1994

The distributional effects of the minimum wage are analyzed in a model where skilled and unskilled labor enter the production function. It is argued that distributional goals are best achieved by letting the labor market clear and achieving redistribution through taxes and transfers

Persistent link: https://www.econbiz.de/10014396078

Wage Flexibility in Turbulent Times : A Practitioner's Guide

International Monetary Fund - 2005

This paper reviews several methods to measure wage flexibility, and their suitability for evaluating the extent of such flexibility during times of structural change, when wage distributions and wage curves can be particularly volatile. The paper uses nonparametric estimation to capture possible...

Persistent link: https://www.econbiz.de/10014400692

Explaining Unemployment in Spain : Structural Change, Cyclical Fluctuations, and Labor Market Rigidities

Franks, Jeffrey R. - 1994

Spain has the most serious and persistent unemployment problem in Europe, with an unemployment rate that reached 24.6 percent in early 1994. This paper explores the characteristics of this unemployment problem, its causes, and provides a brief discussion of recent labor market reform measures...

Persistent link: https://www.econbiz.de/10014398071

The Role of Labor Market Rigidities During the Transition : Lessons From Poland

Pujol, Thierry - 1996

The transition to a market economy has been analyzed primarily from a stabilization prospective. To complement that approach, we focus on a pure relative price shock and subsequent price adjustments. A model of monopolistic competition with costly labor adjustment indicates that relative price...

Persistent link: https://www.econbiz.de/10014398098

Technology Shocks and Aggregate Fluctuations : How Well Does the RBC Model Fit Postwar U.S. Data?

Galí, Jordi - 2004

Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the...

Persistent link: https://www.econbiz.de/10014403910

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