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External Monetary Shocks and Monetary Integration : Evidence from the Bulgarian Currency Board
Minea, Alexandru; Rault, Christophe - 2021
Starting July the 1st 1997, Bulgaria adopted a Currency Board (CB) monetary system. This paper aims at investigating if the adoption of the CB monetary system, which involves the cost of loosing monetary autonomy, has provided a relatively better (with respect to other CEEC) monetary integration...
Persistent link: https://www.econbiz.de/10013315999
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Regional Migration and Wage Inequality in the West African Economic and Monetary Union
Girsberger, Esther Mirjam; Meango, Romuald; Rapoport, Hillel - 2022
We investigate the impact of regional migration on average wages and on wage inequality in the West African Economic and Monetary Union (UEMOA). We exploit unique data from a unified labour force household survey which covers natives and migrants in the seven economic capitals of the region. We...
Persistent link: https://www.econbiz.de/10014078552
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Oil Price Shocks, Monetary Policy and Current Account Imbalances within a Currency Union
Baas, Timo - 2018
trade result in an asymmetric reaction to an otherwise symmetric shock. In this context, we show that oil price shocks can …
Persistent link: https://www.econbiz.de/10012930946
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Asymmetric Labor Market Institutions in the Emu and the Volatility of Inflation and Unemployment Differentials
Abbritti, Mirko - 2012
and real wage rigidities. In our analysis, we focus on the differentials in inflation and unemployment between countries … inflation and unemployment differentials. Second, we find that asymmetries in labor market structures tend to increase the … volatility of both inflation and unemployment differentials. Finally, we show that it is important to take into account the …
Persistent link: https://www.econbiz.de/10013107467
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Uncertainty Shocks and Unemployment Dynamics
2020
Recent events suggest that uncertainty changes play a major role in U.S. labor market fluctuations. This study analyzes the impact of uncertainty shocks on unemployment dynamics. Using a vector autoregression approach, we show that uncertainty shocks measured by stock market volatility have a...
Persistent link: https://www.econbiz.de/10012829214
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Identifying Regional Labor Demand Shocks Using Sign Restrictions
Juessen, Falko - 2012
We propose using sign restrictions to identify regional labor demand shocks in a panel VAR of US federal states. Observed migration responds significantly, but less persistently than the residual-based migration measure constructed by Blanchard and Katz (1992)
Persistent link: https://www.econbiz.de/10013099800
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Monetary Persistence, Imperfect Competition, and Staggering Complementarities
Merkl, Christian; Snower, Dennis J. - 2021
This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are complementary in generating monetary persistence. We do so by proposing the new measure of quantitative inertia, after discussing...
Persistent link: https://www.econbiz.de/10013316832
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Labor Market Reforms and Current Account Imbalances : Beggar-Thy-Neighbor Policies in a Currency Union?
Baas, Timo - 2014
Member countries of the European Monetary Union (EMU) initiated wide-ranging labor market reforms in the last decade. This process is ongoing as countries that are faced with serious labor market imbalances perceive reforms as the fastest way to restore competitiveness within a currency union....
Persistent link: https://www.econbiz.de/10013046659
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Labor Market Institutions and the Response of Inflation to Macro Shocks in the EU : A Two-Sector Analysis
D'Adamo, Gaetano - 2013
We model empirically the role of labor market institutions in affecting the response of inflation to labor market and …-country differences in inflation adjustment for the "sheltered" (non-trading) sector; the effects in the "exposed" (trading) sector are … the Phillips curve in both sectors. More active LM policies also reduce the persistence of inflation. However, but only in …
Persistent link: https://www.econbiz.de/10013075782
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Labor Demand Shocks and Housing Prices Across the Us : Does One Size Fit All?
Osei, Michael J - 2018
This paper examines whether effects of labor demand shocks on housing prices vary across time and space. Using data on 321 US metropolitan statistical areas, we estimate the medium- and long-run effects of increases in metropolitan statistical area-level employment and total labor income on...
Persistent link: https://www.econbiz.de/10012915342