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Autor
Buscher Herbert (The Halle Institute for Economic Research, Germany), Gabrisch Hubert (The Halle Institute for Economic Research, Germany)
Tytuł
Wage Flexibility Across EMU Members : How Endogenous is the Currency Union?
Źródło
Acta Universitatis Lodziensis. Folia Oeconomica, 2010, t. 241, s. 17-30, tab., bibliogr. 27 poz.
Tytuł własny numeru
Macroeconomic Aspects of European Integration
Słowa kluczowe
Elastyczność płac, Konwergencja, Unia Gospodarcza i Walutowa (UGW), Płace, Czynniki endogeniczne
Wage flexibility, Convergence, Economic and Monetary Union (EMU), Wages, Endogenous factors
Uwagi
summ.
Firma/Organizacja
Unia Europejska (UE)
European Union (EU)
Abstrakt
The authors test whether the introduction of a common currency and the single monetary policy in the European Monetary Union might have increased the need for nominal wage flexibility. They try to find out whether wage dynamics between euro member countries became more synchronized through the adoption of the common currency. They run a model of endogenously induced changes of bilateral correlation coefficients of wage dynamics, where trade intensity, sector specialization and financial integration are assumed to be the driving forces for endogeneity on the labor markets. They use a panel data structure to allow for cross-section weights for country-pair observations. Regressions are with instrument variables in order to disentangle exogenous from endogenous influences. They apply these techniques to the dynamics of nominal wages, real wages and unit labor costs. They find evidence of persistent asymmetries in nominal wage formation, despite a single currency and monetary policy, which is responsible for diverging unit labor costs and emerging trade imbalances among the EMU member countries. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Pełny tekst
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Bibliografia
Pokaż
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  2. Basevi, Giorgio, 'Discussion', in Francisco Torres and Francesco Giavazzi (eds), Growth and Adjustment in the European Monetary Union, New York: Cambridge University Press: (1993):230-5.
  3. Bayoumi, Tamim and Barry Eichengreen, 'Shocking Aspects of European Monetary Integration', in Francisco Torres and Francesco Giavazzi (eds), Growth and Adjustment in the European Monetary Union, New York: Cambridge University Press (1993).
  4. Calmfors, Lars, 'Wages and Wage-bargaining Institutions in the EMU: A Survey of the Issues', Seminar Paper 690, Institute for International Economic Studies, Stockholm University, 2001.
  5. European Commission. Economic and Financial Affairs. Ameco database: http://ec.europa.eu/economyfinance/European Commission Ameco database
  6. Farina, F. and R. Tamborini, 'Set a Sufficiently Ambitious Budget Target and Let the Automatic Stabilizers Work. Will It Really Work in the European Monetary Union?', Open Economies Review 15 (2004):143-68.
  7. Fidrmuc, Jarko, 'The Endogeneity of Optimum Currency Area Criteria, Intraindustry Trade and EMU Enlargement', BOFIT Discussion Paper 8, 2001.
  8. Fidrmuc, Jarko and Ikka Korhonen, 'The Euro Goes East: Implications of the 2000-2002 Economic Slowdown for the Synchronization of Business Cycle between the Euro Area and CEEs', Comparative Economic Studies 46(1) (2004):S. 45-62.
  9. Frankel, Jeffrey A. and Andrew K. Rose, 'The Endogeneity of the Optimum Currency Area Criteria', The Economic Journal 108 (July) (1998):1009-25.
  10. 'An Estimate of the Effect of Common Currencies on Trade and Income', Quarterly Journal of Economics 117 (2) (2002):437-66.
  11. De Haan, Jacob, Robert Inklaar and Richard Jong-A-Pin, 'Will Business Cycles in the Euro Area Converge? A Critical Survey of Empirical Research', Journal of Economic Surveys 22(2) (2008):234-73.
  12. Holden, Steinar, 'Monetary Regimes and the Co-ordination of Wage Setting', Department of Economics, University of Oslo, 2003.
  13. Imbs, lean, 'Trade, Finance, Specialization, and Synchronization', Review of Economics and Statistics 86(3) (2004):723-34.
  14. Ingram, lames, 'The Case for European Monetary Integration', Princeton Essays in International Finance 98(April) (1973).
  15. Kalemli-Oczan, Sebrnem, Laura Alfaro, and Vadym Voslosovych, 'Risk Sharing and Industrial Specialization: Regional and International Evidence', American Economic Review 93(3) (2003):903-19.
  16. Krugman, Paul, 'Lessons of Massachusetts for EMU', in F. Giavazzi and F. Torres (eds), The Transition to Economic and Monetary Union in Europe, New York: Cambridge University Press (1993):241-61.
  17. Mann-Quirici, Francois, 'The endogeneity of Optimum Currency Area Criteria: Lessons from History for European Monetary Union', Journal of Economic Studies 32(5) (2005):387-405.
  18. Meade, James, 'The Balance of Payments Problems of a Free Trade Area', Economic Journal 67 (1957):379-96.
  19. Mongelli, Francesco Paolo and Juan Luis Vega, 'What Effects Is EMU Having on the Euro Area and its Member Countries? An Overview', ECB-Working Paper 599, 2006.
  20. Mundell, Robert, 'A Theory of Optimum Currency Areas', American Economic Review 51(4) (1961): 657-65.
  21. OECD (Organization for Economic Cooperation and Development). Maxdata. Statistical Compendium, ed. 01#2006: STAN (on CD), 2006.
  22. Otto, Glenn, Graham Voss and Luke Willard, 'Understanding OECD Output Correlations', Research Discussion Paper 2001-05, Reserve Bank of Australia, 2001.
  23. Schiavo, Stefano, 'Financial Integration, GDP Correlation and the Endogeneity of Optimum Currency Areas', Economica 75 (2008):168-89.
  24. Silva, Stephan J., 'Is the Euro Working? The Euro and European Labour Markets', Journal of Public Policy 24(2) (2005):147-68.
  25. Silvestre, Joao and Antonio Mendonca, 'The Endogeneity of Optimum Currency Areas Criteria: Some Evidence from the European Union and Portugal', International Advances in Economic Research 13 (2007):1-18.
  26. Soskice, D. and T. Iversen, 'The Non-neutrality of Monetary Policy with Large Price or Wage Setters', Quarterly Journal of Economics CXV (2000): 265-84.
  27. Traxler, Franz, 'Wage Policy, Bargaining Institutions and Monetary Policy: Empirical Findings and Policy Implications for European Monetary Union', in Philippe Pochet (ed.), Wage Policy in the Eurozone, Brussels: P.I.E. Peter Lang (2002): S. 111-30.
Cytowane przez
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ISSN
0208-6018
Język
eng
URI / DOI
http://hdl.handle.net/11089/439
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