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Labour markets and monetary union: a strategic analysis

Cukierman, Alex and Lippi, Francesco (2001) Labour markets and monetary union: a strategic analysis. The Economic Journal, Vol. 111 (473), p. 541-565. Article.

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DOI: 10.1111/1468-0297.00650

Abstract

This paper shows that the effects of a monetary union depend on several labour market features. In particular, the switch from national monetary policies to a common monetary policy usually affects both inflation and unemployment, even when all structural parameters of the economy and of unions' and policymakers' preferences remain the same. The benchmark case of a monetary union between identical countries suggests that the switch to a monetary union is likely to make labour unions more aggressive, increasing unemployment. Qualifications to this result are provided under alternative institutional scenarios, like cross-country asymmetries, (pre-union) ERM membership and wage leadership.

Item Type:Article
ID Code:2358
Status:Published
Refereed:Yes
Uncontrolled Keywords:Labour market, monetary union, macroeconomics
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Divisions:001 Università di Sassari > 01 Dipartimenti > Economia, impresa, regolamentazione
Publisher:Blackwell / Wiley
Copyright Holders:© Royal Economic Society 2001
Deposited On:18 Aug 2009 10:07

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