Nominal and Real Wage Flexibility in EMU - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Nominal and Real Wage Flexibility in EMU write by Alfonso Arpaia. This book was released on 2007. Nominal and Real Wage Flexibility in EMU available in PDF, EPUB and Kindle. Recoge: 1. Introduction. - 2. Wage and unit labour cost developments. - 3. Phillips curve estimates. - 4. The cyclical responsiveness of relative compettitive positions in the euro area. - 5. Concluding remarks.
Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase
Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase write by Norbert Berthold. This book was released on 1999-06-01. Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase available in PDF, EPUB and Kindle. EMU started with eleven member countries as scheduled on January 1, 1999. The paper shows that the primacy of politics over economics in this decision could have serious consequences concerning the stability of EMU in the transition phase. Speculative attacks against currencies which are in economic distress due to asymmetric shocks can still happen. A speculative attack as such cannot force a country out of EMU. However, the country concerned might voluntarily decide to leave the system as the costs of staying inside EMU, e.g., due to further rising unemployment, become too large to bear.
European Economy Economic Papers : Number 281 - June 2007
European Economy Economic Papers : Number 281 - June 2007 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook European Economy Economic Papers : Number 281 - June 2007 write by Alfonso Arpaia. This book was released on 2007. European Economy Economic Papers : Number 281 - June 2007 available in PDF, EPUB and Kindle.
Future EMU Membership and Wage Flexibility in Selected EU Candidate Countries
Future EMU Membership and Wage Flexibility in Selected EU Candidate Countries - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Future EMU Membership and Wage Flexibility in Selected EU Candidate Countries write by Artur Radziwill. This book was released on 2009. Future EMU Membership and Wage Flexibility in Selected EU Candidate Countries available in PDF, EPUB and Kindle. This paper attempts to evaluate wage rigidity related to risks of increased size and volatility of unemployment after the candidate countries enter the EMU. Such evaluation is done through the study of past labour market adjustment mechanisms and, in particular, the role played by the exchange rate movements and independent monetary policy. The paper examines some institutional and structural characteristics of candidate countries labour markets that could influence the wage elasticity. The analysis indicates that generally nominal wages are not flexible in candidate countries. Inflationary surprises and nominal exchange rate movements have an effect on the adjustment, especially during the Russian crisis. On the other hand fast productivity growth creates the environment in which unit labour can adjust to unfavourable labour market outcomes through moderation of real wage dynamics despite nominal stickiness. The paper indicates possible fields of further in-depth research in this area.
Wage Flexibility in Turbulent Times
Wage Flexibility in Turbulent Times - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Wage Flexibility in Turbulent Times write by International Monetary Fund. This book was released on 2005-07-01. Wage Flexibility in Turbulent Times available in PDF, EPUB and Kindle. This paper reviews several methods to measure wage flexibility, and their suitability for evaluating the extent of such flexibility during times of structural change, when wage distributions and wage curves can be particularly volatile. The paper uses nonparametric estimation to capture possible nonlinearities in the wage curve and relaxes the assumption of a stable wage distribution over time by linking the shape of the wage change distribution to macroeconomic variables. The proposed methodology is applied to Polish micro data. The estimates confirm that wages are less elastic in a high-unemployment/low-wage environment. Based on a comparison of actual and counterfactual wage distributions, the effects of nominal wage rigidities on real wages, and thus, on the labor market and the real economy, were limited until 1998, but have been quite significant thereafter.
