Download or read book Wages and Nominal and Real Unit Labour Cost Differentials in EMU written by and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper addresses the issue of current account imbalances of countries within a monetary union, now widely agreed to have been a major contributor to the persistent economic crisis in the EMU. In particular we focus on the role of wages for current account developments and a possible role for nominal incomes policies in limiting and correcting imbalances. We set out why national current accounts remain important in a monetary union and examine the forces driving the current account balance. We present empirical evidence on current account developments in the Euro Area, focusing on countries in which a correction has occurred. Detailed counter-factual model-based simulations for Germany show that "wage policy" on its own is scarcely able to make an impact on its huge and destabilising surplus; what is needed is a combined approach in which nominal wages follow a wage norm (productivity plus ECB target inflation rate) while aggregate demand is managed (in this case stimulated) to fully utilise productive potential. Against this analytical background we develop a proposal for institutional reform of the Euro Area, building on existing institutions. Key elements are: reinstating the Broad Economic Policy Guidelines as the conceptual framework guiding economic policy, expanding the remit of the Fiscal Council and the Productivity Boards to cover the entire policy mix, and substantially developing the EU Macroeconomic Dialogue in particular by setting up MEDs at Euro Area and Member State levels.

Download or read book Real Unit Labor Costs Differentials in EMU L4700 written by Mr.Igor Lebrun and published by International Monetary Fund. This book was released on 2011-05-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real unit labor costs (RULC) growth differentials between euro area members have persisted since EMU began and even widened out in the run-up to the crisis. This paper focuses on the causes underlying such dispersion. According to our empirical findings, persistent RULC growth differentials can be attributed to divergent evolutions in capital-output ratios, nominal effective exchange rates and country-specific institutional features, coupled with an increased sensitivity of RULC to fundamentals following the shift in the monetary regime. Because these RULC growth discrepancies in EMU partly result from heterogeneous structural characteristics, policy action seeking more homogenous regulation across the euro area can make a significant contribution to reduce them.

Download or read book Labour Costs and Wage Policy Within EMU written by Ben Patterson and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Labour costs and wage policy within EMU written by Daniel Gros and published by . This book was released on 1999 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Labour Market and Wage Developments in 2005 with Special Focus on Labour Market Adjustment in the Euro Area written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2006 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Includes statistics.

Download or read book Macroeconomic Measurement Versus Macroeconomic Theory written by Merijn Knibbe and published by Routledge. This book was released on 2019-12-06 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ideally, scientific theory and scientific measurement should develop in tandem, but in recent years this has not been the case in economics. There used to be a time when leading economists, or their students, established or led statistical offices and took care that the measurements were consistent with the theory (and vice versa). Not anymore. Macroeconomic theorists and macroeconomic statisticians do not even speak the same language any longer. They do use the same words, such as ‘consumption’, ‘investments’ or ‘unemployment’ but the meanings can often be different. This book maps the differences between macroeconomic theory and measurement and explores them in some detail while also tracking their intellectual, historical and, in some cases, ideological origins. It also explores the possible policy implications. In doing so, the book draws on two separate strands of literature which are seldom used in unison: macro-statistical manuals and theoretical macro-papers. By doing so, the book contributes to the effort to bridge the gap between them without compromising on the idea that a meaningful science of economics should, in the end, be based upon individual people and households and their social and cultural embedding instead of a ‘representative consumer’, or Robinson Crusoe figure. This work is essential reading for students, economists, statisticians, and professionals.

Download or read book The Labor Market and Economic Adjustment written by Pierre-Richard Agénor and published by International Monetary Fund. This book was released on 1995-11-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on economic flexibility and the channels through which labor market imperfections alter the effects of structural adjustment measures are discussed next. The last part of the paper identifies a variety of issues that may require further investigation, such as the link between changes in relative wages and the distributional effects of adjustment policies.

Download or read book Nominal and Real Wage Flexibility in EMU written by Alfonso Arpaia and published by . This book was released on 2007 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: 1. Introduction. - 2. Wage and unit labour cost developments. - 3. Phillips curve estimates. - 4. The cyclical responsiveness of relative compettitive positions in the euro area. - 5. Concluding remarks.

Download or read book The European Monetary Union written by Nicola Acocella and published by Cambridge University Press. This book was released on 2020-08-27 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union is at a crossroads. This book analyzes the historical roots of the EU's monetary and financial institutions in order to better understand its struggle to maintain an economic and monetary union, as well as the ongoing problems facing the Euro. The institutions of the EU are based on the operation of free markets, a common monetary policy, and the European Central Bank. These founding policies have created many of the imbalances at the root of the ongoing European recession. Reemerging threats of populism and localism are poised to further disintegrate the European construction and may spark fierce opposition between countries. Acocella engages with these risks, suggesting detailed actions for reform within the EU and its institutions that may steer it away from further conflict, allowing it to better serve its member states and citizens.

Download or read book Labour Costs and Wage Policy Within EMU written by Ben Patterson and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Wages and the Euro written by Gustav A. Horn and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the abolition of exchange rates the role of wage formation in the European Monetary Union changes fundamentally and national economic policy in particular fiscal policy faces new restrictions. These are analysed in the first two chapters. A major impact is expected for wage formation. To achieve a convergence of economic developments wage finding has to follow in all EMU member countries basically the same rules. An empirical investigation using econometric methods show that this is presently not yet the case. In particular in the southern European countries wage finding is different from that in the rest of the EMU. Frequently the introduction of Euro is perceived as a signal to lower wages all over Europe to overcome the dismal employment situation. The book addresses the question whether such a race for lower wages is appropriate in terms of employment creation.

Download or read book Italy and Germany Incompatible Varieties of Europe written by Ton Notermans and published by Routledge. This book was released on 2022-04-27 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can Italy and Germany thrive within the confines of the common currency, or do they display two fundamentally incompatible models? This book examines this question by means of detailed comparisons in the fields of labour market policies, welfare provisions and financial and economic management, since the onset of the financial crisis and through the euro and COVID-19 crises. The rapid succession of the financial crisis, the Eurozone crisis and COVID-19 have again brought to the fore questions that have beset European integration since its inception; does the EU promote convergence or divergence? Have these crises served to reveal pre-existing politico-economic incompatibilities or were these incompatibilities created by the euro and the measures propounded by the Economic and Monetary Union (EMU)? Should EMU recipes be followed, or should they be fundamentally revised in an effort to come good on the convergence promises underpinning the European project? And, lastly, is the COVID-19 crisis likely to mitigate or exacerbate these problems? These questions are addressed in this volume by means of a tight comparison between Germany and Italy, two countries that have displayed strikingly divergent trajectories but also share many more politico-economic traits than the conventional wisdom would allow for. By exploring in detail how the main elements of the euro and EMU management have played out, the volume highlights the externalities that becoming part of a currency union has created and that strengthened the economic success of one while consolidating the decline of the other and analyses the likely impact of the measures introduced to fight the economic consequences of the COVID-19 pandemic. The chapters in this book were originally published as a special issue of the journal, German Politics.

Download or read book How to Finance Cohesion in Europe written by Ewald Nowotny and published by Edward Elgar Publishing. This book was released on 2019 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amid formidable challenges, Europe’s future depends not least on the capacity of its economies to converge toward their better performing peers. Dissecting the complexity of cohesion, this book analyzes which dimensions matter most for the smooth functioning of Economic and Monetary Union (EMU) and for the (income) convergence of Central, Eastern and Southeastern European (CESEE) countries. Central bankers, policy-makers and academics discuss how to best advance the catching-up process and look into EU structural and cohesion policies, critically assessing their contribution to economic and social development.

Download or read book One Market One Money written by Michael Emerson and published by . This book was released on 1992 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.

Download or read book Macroeconomic Policy Regimes in Western Industrial Countries written by Hansjörg Herr and published by Routledge. This book was released on 2011-02-15 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomic Policy Regimes in Western Industrial Countries explains how certain countries have created a more liberal and market-based type of capitalism. The emphasis throughout is on how understanding macroeconomic policies, and the institutional framework in which they operate, is vital to understanding the long-run dynamics of a capitalist economy

Download or read book EMU and Political Science written by Henrik Enderlein and published by Routledge. This book was released on 2013-10-31 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s Economic and Monetary Union (EMU) celebrated its tenth anniversary in 2009. Before its birth many observers were concerned about its viability. This volume examines a number of noteworthy concerns that were heard a decade ago and it assesses what has become of them. The contributors to this volume examine various topics. Has EMU been a failure or success? Does EMU require more political integration? What type of deeper integration in the financial market has occurred because of EMU? Does the public like EMU? Does EMU cause a decline of the welfare state, reduce the role of labour unions and are adjustments now made mainly through the labour market? Do countries in EMU become more similar over time? Is EMU sustainable in the long-run? Will EMU survive the global financial crisis? The contributors to this book are leading Political Scientists in the field, and draw on a wealth of research and experience. This book was published as a special issue of the Journal of European Public Policy.

Download or read book EMU A Swedish Perspective written by Lars Calmfors and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: EMU - A Swedish Perspective provides a comprehensive and up-to-date survey of the EMU project. The main advantages and disadvantages of a single currency are evaluated. A key feature of the analysis is the attempt to integrate economic and political aspects. The book is a revised version of the report by the Swedish Government Commission on the EMU. Although the analysis focuses on the consequences for Sweden of joining versus not joining the monetary union, it is highly relevant for the discussion in all EU countries. The book provides an in-depth analysis of how the demands on economic policy will be affected by the monetary union. Various chapters discuss monetary policy and inflation, fiscal policy, unemployment and labour markets, the transition to monetary union, and the exchange-rate arrangements between participants and non-participants. Other chapters analyse the importance of the EMU for European political integration, democratic aspects, and how membership in the monetary union will affect the possibilities for an individual member state to exert influence within the EU. EMU - A Swedish Perspective should be of interest to professional economists and political scientists, students, and all others who want to form an opinion about the monetary union on the basis of a balanced assessment of the consequences. EMU - A Swedish Perspective provides a comprehensive and up-to-date survey of the EMU project. The main advantages and disadvantages of a single currency are evaluated. A key feature of the analysis is the attempt to integrate economic and political aspects. The book is a revised version of the report by the Swedish Government Commission on the EMU. Although the analysis focuses on the consequences for Sweden of joining versus not joining the monetary union, it is highly relevant for the discussion in all EU countries.