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Relative Prices in Monetary Union and Floating

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  • Vartiainen, Juhana

Abstract

The setting is a small open economy with an open sector and a sheltered sector. If the unions that operate in each sector coordinate their wage claims within the sector, the choice of monetary regime--monetary union or floating with an inflation target--affects the relative prices of tradables and non-tradables as well as real wages and employment. EMU membership results in lower prices of tradable goods and lower relative wages in the open sector, while opposite results hold for sheltered sector prices and wages. Copyright 2002 by The editors of the Scandinavian Journal of Economics.

Suggested Citation

  • Vartiainen, Juhana, 2002. "Relative Prices in Monetary Union and Floating," Scandinavian Journal of Economics, Wiley Blackwell, vol. 104(2), pages 277-287, June.
    • Handle: RePEc:bla:scandj:v:104:y:2002:i:2:p:277-87
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    Cited by:

    1. Calmfors, Lars & Larsson, Anna, 2009. "Pattern Bargaining and Wage Leadership in a Small Open Economy," Seminar Papers 760, Stockholm University, Institute for International Economic Studies.
    2. Larsson, Anna, 2006. "Monetary Regimes, Labour Mobility and Equilibrium Employment," Seminar Papers 745, Stockholm University, Institute for International Economic Studies.
    3. Udo Kreickemeier & Frode Meland, 2017. "Non-Traded Goods, Globalization, and Union Influence," World Scientific Book Chapters, in: International Trade and Labor Markets Welfare, Inequality and Unemployment, chapter 7, pages 173-201, World Scientific Publishing Co. Pte. Ltd..
    4. Cuciniello, Vincenzo & Lambertini, Luisa, 2016. "Optimal exchange rate flexibility with large labor unions," Journal of International Money and Finance, Elsevier, vol. 63(C), pages 112-136.
    5. Petteri Juvonen, 2023. "Wage‐setting coordination in a small open economy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 125(1), pages 253-286, January.
    6. Kreickemeier, Udo & Meland, Frode, 2011. "International trade, union wage premia, and welfare in general equilibrium," University of Tübingen Working Papers in Business and Economics 5, University of Tuebingen, Faculty of Economics and Social Sciences, School of Business and Economics.
    7. Vincenzo Cuciniello, 2011. "The Welfare Effect of Foreign Monetary Conservatism with Nonatomistic Wage Setters," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(8), pages 1719-1734, December.
    8. Lars Calmfors & Anna Larsson Seim, 2013. "Pattern Bargaining and Wage Leadership in a Small Open Economy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 115(1), pages 109-140, January.
    9. Larsson, Anna, 2011. "On labour mobility and the neutrality of money in unionised economies," Economic Modelling, Elsevier, vol. 28(1-2), pages 396-403, January.

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