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Asymmetric Labour Markets in a Converging Europe: Do Differences Matter?

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  • Ray Barrell
  • Karen Dury

Abstract

In this paper we investigate whether differences we observe in European labour market transmission mechanisms matter for monetary policy design. We are particularly concerned with the robustness of the choice of rule by the European Central Bank (ECB) but we also comment on the choice of rules in the UK. Three different models of labour markets are constructed, one where the relationships are estimated separately, one where the most statistically acceptable commonalities across countries are imposed and one where common relationships are imposed across all countries. Panel estimation techniques are used to test for commonalities. These models are embedded into the National Institute’s Global Econometric Model, NiGEM, and stochastic simulations are run to evaluate different monetary policy rules.

Suggested Citation

  • Ray Barrell & Karen Dury, 2003. "Asymmetric Labour Markets in a Converging Europe: Do Differences Matter?," National Institute Economic Review, National Institute of Economic and Social Research, vol. 183(1), pages 56-65, January.
    • Handle: RePEc:sae:niesru:v:183:y:2003:i:1:p:56-65
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    1. Eilev S. Jansen, 2004. "Modelling inflation in the Euro Area," Working Paper Series 4104, Department of Economics, Norwegian University of Science and Technology, revised 01 Jun 2004.
    2. Marc van der Steeg & Roel van Elk & Dinand Webbink, 2012. "Does intensive coaching reduce school dropout?," CPB Discussion Paper 224.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    3. Barrell, Ray & Pina, Alvaro M., 2004. "How important are automatic stabilisers in Europe? A stochastic simulation assessment," Economic Modelling, Elsevier, vol. 21(1), pages 1-35, January.
    4. Manh Ha Duong & Camille Logeay & Sabine Stephan & Rudolf Zwiener & Serhiy Yahnych, 2005. "Modelling European Business Cycles (EBC Model): A Macroeconometric Model of Germany ; Version March 2005," Data Documentation 5, DIW Berlin, German Institute for Economic Research.
    5. Baker, Jessica & Carreras, Oriol & Kirby, Simon & Meaning, Jack & Piggott, Rebecca, 2016. "Modelling events: The short-term economic impact of leaving the EU," Economic Modelling, Elsevier, vol. 58(C), pages 339-350.
    6. Ulrich Fritsche & Camille Logeay & Kirsten Lommatzsch & Katja Rietzler & Sabine Stephan & Rudolf Zwiener unter Mitarb. von Cansel Kiziltepe & Christian Proano-Acosta, 2005. "Auswirkungen von länderspezifischen Differenzen in der Lohn-, Preisniveau- und Produktivitätsentwicklung auf Wachstum und Beschäftigung in den Ländern des Euroraums: Endbericht ; Forschungsprojekt im ," DIW Berlin: Politikberatung kompakt, DIW Berlin, German Institute for Economic Research, volume 8, number pbk8.
    7. Vassilis Monastiriotis & Sotirios Zartaloudis, 2010. "Beyond the crisis: EMU and labour market reform pressures in good and bad times," LEQS – LSE 'Europe in Question' Discussion Paper Series 23, European Institute, LSE.
    8. Kahanec, Martin & Zimmermann, Klaus F. & Kureková, Lucia Mýtna & Biavaschi, Costanza, 2013. "Labour Migration from EaP Countries to the EU – Assessment of Costs and Benefits and Proposals for Better Labour Market Matching," IZA Research Reports 56, Institute of Labor Economics (IZA).
    9. Peeters, Marga & Den Reijer, Ard, 2011. "On wage formation, wage flexibility and wage coordination : A focus on the wage impact of productivity in Germany, Greece, Ireland, Portugal, Spain and the United States," MPRA Paper 31102, University Library of Munich, Germany.
    10. John FitzGerald, 2001. "Wage Determination in Economies in Transition: Ireland Spain and Portugal," Papers WP141, Economic and Social Research Institute (ESRI).
    11. Ray Barrell & Dr Ian Hurst & Simon Kirby, 2009. "How to Pay for the Crisis or Macroeconomic implications of pension reform," National Institute of Economic and Social Research (NIESR) Discussion Papers 333, National Institute of Economic and Social Research.
    12. Oriol Carreras & E Philip Davis & Ian Hurst & Iana Liadze & Rebecca Piggott & James Warren, 2018. "Implementing Macroprudential Policy in NiGEM," National Institute of Economic and Social Research (NIESR) Discussion Papers 490, National Institute of Economic and Social Research.
    13. Iana Liadze & Ray Barrell & Dawn Holland, 2007. "Fiscal Spillovers and Trade Relations in Europe," National Institute of Economic and Social Research (NIESR) Discussion Papers 289, National Institute of Economic and Social Research.
    14. Albert van der Horst, 2003. "Structural estimates of equilibrium unemployment in six OECD economies," CPB Discussion Paper 19, CPB Netherlands Bureau for Economic Policy Analysis.
    15. Kees Folmer, 2009. "Why do macro wage elasticities diverge? A meta analysis," CPB Discussion Paper 122, CPB Netherlands Bureau for Economic Policy Analysis.
    16. Iana Liadze & Dawn Holland, 2012. "The impact of fuel duty on the macro-economy," National Institute of Economic and Social Research (NIESR) Discussion Papers 398, National Institute of Economic and Social Research.
    17. Curto Millet, Fabien, 2007. "Inflation Expectations, the Phillips Curve and Monetary Policy," Kiel Working Papers 1339, Kiel Institute for the World Economy (IfW Kiel).
    18. Iana Liadze & Dawn Holland, 2012. "The impact of fuel duty on the macro-economy," National Institute of Economic and Social Research (NIESR) Discussion Papers 398, National Institute of Economic and Social Research.
    19. Albert van der Horst, 2003. "Structural estimates of equilibrium unemployment in six OECD economies," CPB Discussion Paper 19.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    20. Marga Peeters & Ard den Reijer, 2014. "Coordination versus flexibility in wage formation: a focus on the nominal wage impact of productivity in Germany, Greece, Ireland, Portugal, Spain and the United States," Applied Economics, Taylor & Francis Journals, vol. 46(7), pages 698-714, March.
    21. Iana Liadze & Ray Barrell & Dawn Holland, 2007. "Fiscal Spillovers and Trade Relations in Europe," National Institute of Economic and Social Research (NIESR) Discussion Papers 289, National Institute of Economic and Social Research.
    22. Kees Folmer, 2009. "Why do macro wage elasticities diverge?," CPB Memorandum 224.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    23. Kees Folmer, 2009. "Why do macro wage elasticities diverge?," CPB Memorandum 224, CPB Netherlands Bureau for Economic Policy Analysis.
    24. Wolfgang Scheremet & Hans Werner Busch & Hartmut Seifert, 2001. "Schaffen neue Tarifmodelle Arbeitsplätze?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 54(17), pages 03-10, October.
    25. Ray Barrell & Ian Hurst & Simon Kirby, 2008. "Financial Crises, Regulation and Growth," National Institute Economic Review, National Institute of Economic and Social Research, vol. 206(1), pages 56-65, October.

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