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Shocking Aspects of European Monetary Unification

Bayoumi, Tamim - 2007

of adjustment to these shocks are then compared to the results from US regional data. We find that the underlying shocks … are significantly more idiosyncratic across EC countries than across US regions, which may indicate that the EC will find … neighbors, experience shocks of similar magnitude and cohesion as the US regions. EC countries also exhibit a slower response to …

Persistent link: https://www.econbiz.de/10012778838

Jump Starting the Euro Area Recovery : Would a Rise in Core Fiscal Spending Help the Periphery?

Blanchard, Olivier J. - 2015

We show that a fiscal expansion by the core economies of the euro area would have a large and positive impact on periphery GDP assuming that policy rates remain low for a prolonged period. Under our preferred model specification, an expansion of core government spending equal to one percent of...

Persistent link: https://www.econbiz.de/10013018304

Fiscal Increasing Returns, Hysteresis, Real Wages and Unemployment

Blanchard, Olivier J.; Summers, Lawrence H. - 2021

European unemployment is widely regarded as a problem of excessive real wages. This view as it is usually expressed carries the disturbing implication that there is a sharp conflict between the interests of those currently employed and the unemployed because it suggests that increases in...

Persistent link: https://www.econbiz.de/10013218438

Benefits and Spillovers of Greater Competition in Europe : A Macroeconomic Assesment

Bayoumi, Tamim; Laxton, Douglas; Pesenti, Paolo A. - 2021

and the US. Second, it may improve macroeconomic management by increasing the responsiveness of wages and prices to market …

Persistent link: https://www.econbiz.de/10013223084

Is Regionalism Simply a Diversion? Evidence from the Evolution of the EC and Efta

Bayoumi, Tamim; Eichengreen, Barry - 2021

This paper considers the impact on trade of preferential arrangements in Europe since the 1950s. Using a first difference version of the gravity model, we find that the EC and EFTA altered the pattern of international trade. We also find evidence of trade diversion in several cases, notably that...

Persistent link: https://www.econbiz.de/10013224188

The Quality of Labor Relations and Unemployment

Blanchard, Olivier J.; Philippon, Thomas - 2021

In countries where wages are primarily set by collective bargaining, the effects on unemployment of changes in the economic environment depend crucially on the speed of learning of unions. This speed of learning is likely to depend in turn on the quality of the dialogue that unions have with...

Persistent link: https://www.econbiz.de/10013224217

Wage Dynamics : Reconciling Theory and Evidence

Blanchard, Olivier J.; Katz, Lawrence F. - 2021

U.S. macroeconomic evidence shows a negative relation between the rate of change of wages and unemployment. In contrast …

Persistent link: https://www.econbiz.de/10013225129

European Unemployment : The Evolution of Facts and Ideas

Blanchard, Olivier J. - 2021

In the 1970s, European unemployment started increasing. It increased further in the 1980s, to reach a plateau in the 1990s. It is still high today, although the average unemployment rate hides a high degree of heterogeneity across countries. The focus of researchers and policy makers was...

Persistent link: https://www.econbiz.de/10013248147

The Economic Future of Europe

Blanchard, Olivier J. - 2021

to increase leisure rather than income, while the U.S. has done the opposite. Turning to the present, a deep and wide …

Persistent link: https://www.econbiz.de/10013243948

Is There a Conflict between EC Enlargement and European Monetary Unification?

Bayoumi, Tamim; Eichengreen, Barry - 2022

. This leads us to distinguish an EC "core" (made up of Germany and its immediate neighbors) and an EC periphery (made up of …

Persistent link: https://www.econbiz.de/10013324014