أعرض تسجيلة المادة بشكل مبسط

dc.creator Andersen, Torben M.
dc.creator Seneca, Martin
dc.date 2007
dc.date.accessioned 2013-10-16T06:57:03Z
dc.date.available 2013-10-16T06:57:03Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/17847
dc.identifier ppn:534867650
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/17847
dc.description This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both country-specific and aggregate shocks. The implications of asymmetries for both the overall performance of the monetary union and the country-specific situation are analysed. It is shown that asymmetries can have important effects, and that there are substantial spill-over effects. Among other things, it is found that aggregate output volatility is not strictly increasing in nominal rigidity but hump-shaped. A disproportionate share of the consequences of wage inflexibility may fall on small countries. In the case of country-specific shocks a country unambiguously benefits in terms of macroeconomic stability by becoming more flexible, but in general an inflexible country does not necessarily achieve more output stability by becoming more flexible. As this may be desirable for the monetary union as a whole, there is a risk of a ?reform deficit? in an asymmetric monetary union.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1331
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject F41
dc.subject E52
dc.subject E30
dc.subject ddc:330
dc.subject wage formation
dc.subject nominal wage rigidity
dc.subject staggered contracts
dc.subject monetary policy
dc.subject monetary union
dc.subject business cycles
dc.subject shocks
dc.subject Währungsunion
dc.subject Arbeitsmarktflexibilisierung
dc.subject Lohnrigidität
dc.subject Geldpolitik
dc.subject Schock
dc.subject Konjunkturzusammenhang
dc.subject Inflationsübertragung
dc.subject Theorie
dc.title Labour Market Asymmetries in a Monetary Union
dc.type doc-type:workingPaper


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أعرض تسجيلة المادة بشكل مبسط