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Unemployment, Labour-Market Reform and Monetary Union
Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
1998 (English)Report (Other academic)
Abstract [en]

The paper analyses various mechanism through which monetary union in Europe may affect unemployment. The focus is on the political incentives for labour-market reform. There will be more reform outside than inside the EMU to the extent that a national inflation bias can be reduced. But if there is a precautionary motive for low average unemployment in order to reduce the utility cost of macroeconomic variability, there could be more reform in a monetary union. Labour-market reform to increase wage fexibility as a substitute for domestic monetary policy and transition costs of reform are also analysed. The net effect of monetary union on unemployment is ambiguous.

Place, publisher, year, edition, pages
Stockholm: IIES , 1998. , 35 p.
Seminar Paper / Institute for International Economic Studies, Stockholm University, ISSN 0347-8769 ; 639
Keyword [en]
monetary union, labour-market reform, equilibrium unemployment, discretionary monetary policy, asymmetric shocks
National Category
URN: urn:nbn:se:su:diva-41006OAI: diva2:327714
Available from: 2010-06-30 Created: 2010-06-30 Last updated: 2010-07-02Bibliographically approved

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Calmfors, Lars
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