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Market Regulation, Cycles and Growth in a Monetary Union
Author: Mirko Abbritti
Publisher: International Monetary Fund
Published: 2019-06-03
Total Pages: 52
ISBN-13: 149831838X
DOWNLOAD EBOOK →We build a two-country currency union DSGE model with endogenous growth to assess the role of cross-country differences in product and labor market regulations for long-term growth and for the adjustment to shocks. We show that with endogenous growth, there is no reason to expect real income convergence. Large shocks, through endogenous TFP movements, can lead to permanent changes of output and real exchange rates. Differences are exacerbated when member countries have different product and labor market regulations. Less regulated economies are likely to have higher trend growth and recover faster from negative shocks. Results are consistent with higher inflation, lower employment and disappointing TFP growth rates experienced in the less reform-friendly euro area members.
Monetary Union, Employment and Growth
Author: Pier Carlo Padoan
Publisher: Edward Elgar Publishing
Published: 2001-01-01
Total Pages: 240
ISBN-13: 9781782544036
DOWNLOAD EBOOK →'Monetary Union, Employment and Growth provides a thorough and well-developed analysis of the macroeconomic and microeconomic implications of the single currency.' - Terrence Casey, Journal of European Area Studies 'This book offers an in-depth discussion of two highly topical European issues - the single currency and unemployment - making it suitable for professional economists and post-graduate students in economics, international relations and European studies.' - European Access There exists a twofold relationship between the factors affecting adoption of a single currency in Europe, employment, and growth. On one hand, the operation of the euro will be hindered if rigidities in labour and product markets persist - hence low employment and slow growth may be a cause of poor performance of the single currency. On the other hand, the functioning of the euro will affect future patterns of European employment. Pier Carlo Padoan and his distinguished group of contributing authors go beyond the common European-based debates to consider the impact of the euro as a global currency on the evolution of European labour, product, and regional markets.
European Monetary Union and the Future of European Labor Markets
Currency Unions, Economic Fluctuations, and Adjustment
Author: Mr.Tamim Bayoumi
Publisher: International Monetary Fund
Published: 1996-08-01
Total Pages: 28
ISBN-13: 1451955162
DOWNLOAD EBOOK →This paper examines the sources of disturbances to output in the United States and a set of EU countries and analyzes labor market adjustment mechanisms in these two economic areas. Comparable datasets comprising 1-digit sectoral data for eight U.S. regions and eight European countries are constructed and used to compare the degree of industrial diversification and the relative importance of different sources of shocks to output growth. Both areas are found to be subject to similar overall disturbances although a disaggregated perspective reveals some important differences. The major difference, however, is in labor market adjustment. Interregional labor mobility appears to be a much more important adjustment mechanism in the United States, which has a more integrated labor market than the EU.
The European Monetary Union
Employment, Growth, and Price Levels
Author: United States. Congress. Joint Economic Committee
Publisher:
Published: 1959
Total Pages: 1922
ISBN-13:
DOWNLOAD EBOOK →Explores the possibility of combining three economically desirable goals: an adequate rate of economic growth, substantially full employment or maximum employment, and substantial price stability.
The Role of Employer Associations and Labour Unions in the EMU
Author: Gerhard Huemer
Publisher: Taylor & Francis
Published: 2018-11-07
Total Pages: 222
ISBN-13: 042976782X
DOWNLOAD EBOOK →First published in 1999, this volume recognises that in the course of European integration, national economic policy makers lose some effective policy instruments. Contributors to this omnibus volume analyse the 'room for maneuvering' available to national and EU economic and social policies under the conditions of the Economic and Monetary Union (EMU). They explore the possibilities for European coordination and discuss the tasks of employers’ associations and labour unions on the national and EU level in wage, employment and macroeconomic policies. Section 1 of the book deals with the strengths and weaknesses of the EU in the context of global competition. In spite of national differences, many of the EU member countries share important characteristics. Section 2 addresses the need for and the feasibility of policy coordination in the EMU. With the start of the EMU, wage policy will have to bear the main burden of absorbing asymmetrical economic shocks. The authors from the DIW argue that a wage policy favourable to economic growth, employment and convergence has to be guided by the inflation target set by the European Central Bank (ECB) and by the long-term increase of productivity in individual countries. A precondition for this kind of wage policy is coordination between the main actors of EU economic policy (ECB, EcoFin, social partners).
Monetary Union and Collective Bargaining in Europe
Author: Philippe Pochet
Publisher:
Published: 1999
Total Pages: 294
ISBN-13:
DOWNLOAD EBOOK →The contributors to this study examine the ways in which monetary union will affect collective bargaining in the six states that are adhering to the principles laid down in the Maastricht Treaty on convergence and monetary union.'
Challenges for Economic Policy Coordination within European Monetary Union
Author: Andrew J. Hughes Hallett
Publisher: Springer Science & Business Media
Published: 2013-06-29
Total Pages: 222
ISBN-13: 1475747381
DOWNLOAD EBOOK →The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice. There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU. The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges for Economic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.
