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Labor Market Rigidities and EMU

Author

Listed:
  • Hefeker, Carsten

    (University of Basel)

Abstract

This paper explores the interaction between labor market deregulation, monetary union and unemployment. Monetary policy autonomy and monetary union are compared in their influence on the optimal level of labor market deregulation consented to and wages demanded by labor unions. EMU leads to higher real wages and higher unemployment when unions set their policies independently, but labor market regulation is unaffected. This is in constrast to results derived earlier in the literature. The paper also asks whether union cooperation improves on the non-cooperative results. That is not necessarily the case.

Suggested Citation

  • Hefeker, Carsten, 2001. "Labor Market Rigidities and EMU," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 16, pages 229-244.
    • Handle: RePEc:ris:integr:0162
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    Citations

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    Cited by:

    1. Michael C. Burda, 2001. "European Labour Markets and the Euro: How Much Flexibility Do We Really Need?," Palgrave Macmillan Books, in: Deutsche Bundesbank (ed.), The Monetary Transmission Process, chapter 7, pages 252-282, Palgrave Macmillan.
    2. Hefeker, Carsten & Neugart, Michael, 2010. "Labor market regulation and the legal system," International Review of Law and Economics, Elsevier, vol. 30(3), pages 218-225, September.
    3. Carsten Hefeker, 2002. "Lohnpolitik und Geldpolitik in Euroland," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 71(3), pages 354-367.
    4. Calmfors, Lars, 1998. "Unemployment, Labour-Market Reform and Monetary Union," Seminar Papers 639, Stockholm University, Institute for International Economic Studies.

    More about this item

    Keywords

    Monetary Union; Unemployment; Labor Unions;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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