The design of an asymmetric currency union with shock persistence and spillovers: Short-term versus medium-term

Frey, Rainer

doi:10.1016/j.ejpoleco.2008.08.003

Cited by 3 publications

References 36 publications

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Has the EMU reduced wage growth and unemployment? Testing a model of trade union behavior

Mikosch

Sturm

2012

European Journal of Political Economy

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. In order to counter-balance this effect, trade unions lower their claims for wage mark-ups resulting in lower wage growth and lower unemployment. This paper uses macroeconomic data on OECD countries and a difference-in-differences approach to empirically test the implications of this model. Although we come up with some weak evidence for increased business cycle amplitudes within the EMU, we neither find a significant general effect of the EMU on wage growth nor on unemployment. Terms of use: Documents in EconStor may

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Has the EMU reduced wage growth and unemployment? Testing a model of trade union behavior

Mikosch

Sturm

2012

European Journal of Political Economy

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Has the EMU Reduced Wage Growth and Unemployment? Testing a Model of Trade Union Behaviour

Mikosch

Sturm

2011

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. (2010) argues that the introduction of the European Monetary Union (EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner's model, monetary centralization lets the central bank react less flexibly to national business cycle movements. This increases the amplitude of national business cycles which, in turn, leads to higher unemployment risk. In order to counter-balance this effect, trade unions lower their claims for wage mark-ups resulting in lower wage growth and lower unemployment. This paper uses macroeconomic data on OECD countries and a difference-in-differences approach to empirically test the implications of this model. Although we come up with some weak evidence for increased business cycle amplitudes within the EMU, we neither find a significant general effect of the EMU on wage growth nor on unemployment. Terms of use: Documents inJEL-Code: E520, E580.

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Rigidities, institutions and the macroeconomy

Mikosch¹

2012

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The design of an asymmetric currency union with shock persistence and spillovers: Short-term versus medium-term

Cited by 3 publications

References 36 publications

Has the EMU reduced wage growth and unemployment? Testing a model of trade union behavior

Has the EMU reduced wage growth and unemployment? Testing a model of trade union behavior

Has the EMU Reduced Wage Growth and Unemployment? Testing a Model of Trade Union Behaviour

Rigidities, institutions and the macroeconomy

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