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The Interaction Of Monetary Policy And Wage Bargaining In The European Monetary Union
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Book Synopsis The Interaction of Monetary Policy and Wage Bargaining in the European Monetary Union by : S. Dullien
Download or read book The Interaction of Monetary Policy and Wage Bargaining in the European Monetary Union written by S. Dullien and published by Springer. This book was released on 2004-10-11 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sebastian Dullien gives a novel explanation for unemployment and inflation in the Euro-Zone. He argues that unemployment stems from a lack of co-operation between unions and monetary authorities: In an economy with endogenous money as EMU, wage setters are responsible for price stability while the central bank is responsible for the level of output. Co-operation between both actors is necessary for high employment and low inflation. The current institutional set-up is found to be unable to assure cooperation.
Book Synopsis Institutional Conflicts and Complementarities by : Robert Franzese
Download or read book Institutional Conflicts and Complementarities written by Robert Franzese and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important collection presents an authoritative selection of papers on "Institutional Conflicts and Complementarities" This publication is intent on building bridges between economics and the other social sciences. The focus is on the interaction between monetary policy and wage bargaining institutions in European Monetary Union (EMU). Institutional Conflicts and Complementarities is written by acknowledged experts in their field. The outcome is a broad analysis of the interactions of labour market actors and central banks. The volume addresses the recent changes in EMU. An important theoretical, empirical, and policy-relevant conclusion that emerges from Institutional Conflicts and Complementarities is that even perfectly credible monetary conservatism has long-term real effects, even in equilibrium models with fully rational expectations.
Author :Andrew J. Hughes Hallett Publisher :Springer Science & Business Media ISBN 13 :1475747381 Total Pages :222 pages Book Rating :4.4/5 (757 download)
Book Synopsis Challenges for Economic Policy Coordination within European Monetary Union by : Andrew J. Hughes Hallett
Download or read book Challenges for Economic Policy Coordination within European Monetary Union written by Andrew J. Hughes Hallett and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice. There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU. The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges for Economic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.
Book Synopsis Monetary Union, Employment and Growth by : Pier Carlo Padoan
Download or read book Monetary Union, Employment and Growth written by Pier Carlo Padoan and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Monetary Union, Employment and Growth provides a thorough and well-developed analysis of the macroeconomic and microeconomic implications of the single currency.' - Terrence Casey, Journal of European Area Studies 'This book offers an in-depth discussion of two highly topical European issues - the single currency and unemployment - making it suitable for professional economists and post-graduate students in economics, international relations and European studies.' - European Access There exists a twofold relationship between the factors affecting adoption of a single currency in Europe, employment, and growth. On one hand, the operation of the euro will be hindered if rigidities in labour and product markets persist - hence low employment and slow growth may be a cause of poor performance of the single currency. On the other hand, the functioning of the euro will affect future patterns of European employment. Pier Carlo Padoan and his distinguished group of contributing authors go beyond the common European-based debates to consider the impact of the euro as a global currency on the evolution of European labour, product, and regional markets.
Book Synopsis Monetary and Wage Policies in the Euro Area by : Michael Carlberg
Download or read book Monetary and Wage Policies in the Euro Area written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2006-11-24 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies interactions between monetary and wage policies in the Euro area, closely reviewing and discussing the process of policy competition and the structure of policy cooperation. On policy competition, the book focuses on competition between the European central bank, the American central bank, the German labour union, and the French labour union. As to policy cooperation, the focus is on the same institutions. Includes numerical simulations and solutions.
Book Synopsis Strategic Policy Interactions in a Monetary Union by : Michael Carlberg
Download or read book Strategic Policy Interactions in a Monetary Union written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2009-03-10 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the strategic policy interactions in a monetary union. The leading protagonists are the European Central Bank and national governments. The target of the ECB is low inflation in Europe. The targets of a national government are low unemployment and a low structural deficit. There are demand shocks, supply shocks, and mixed shocks. There are country-specific shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples. The present book is part of a larger research project on European Monetary Union, see the references given at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Göttingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, at the Research Seminar on Economics in Kassel, and at the Passau Workshop on International Economics.
Book Synopsis Monetary Union and Collective Bargaining in Europe by : Philippe Pochet
Download or read book Monetary Union and Collective Bargaining in Europe written by Philippe Pochet and published by . This book was released on 1999 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributors to this study examine the ways in which monetary union will affect collective bargaining in the six states that are adhering to the principles laid down in the Maastricht Treaty on convergence and monetary union.'
Book Synopsis Multiple Wage-Bargaining Systems in the Single European Currency Area by : David Soskice
Download or read book Multiple Wage-Bargaining Systems in the Single European Currency Area written by David Soskice and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Little attention in the EMU literature has been paid to the interaction between central bank monetary rules and systems of collective wage bargaining. Analytically and empirically, coordinated wage-bargaining systems respond with real wage restraint to non-accommodating monetary policy. Since wage determination is dominated by collective bargaining in all the EMU member states and wage coordination within the member states has grown since 1980, this is a topic of potential importance. In particular, the replacement of the Bundesbank, directly targeting German inflation, by a European Central Bank (ECB) targeting European inflation will remove a major institutional support of wage restraint in Germany. The consequences of this for EMU are worked out under two scenarios, that inflation expectations will be generated by ECB monetary policy and that they will reflect German inflation outcomes. Possible institutional developments are discussed including government?union bargains. The Bundesbank also played a major role in maintaining fiscal rectitude: for underlying structural reasons, therefore, it is possible that Germany will move to a period of fiscal activism with wage restraint and low inflation purchased through social contract negotiations.
Book Synopsis An Economic Analysis of Monetary Union by : Michael Carlberg
Download or read book An Economic Analysis of Monetary Union written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the new economics of monetary union. It carefully discusses the effects of shocks and policies on output and prices. Shocks and policies are country-specific or common. They occur on the demand or supply side. Countries can differ in behavioural functions. Wages can be fixed, flexible, or slow. In addition, fixed wages and flexible wages can coexist. Take for instance fixed wages in Germany and flexible wages in France. Or take fixed wages in Europe and flexible wages in America. A special feature of this book is the numerical estimation of shock and policy multipliers. Further topics are inflation and disinflation. Take for instance inflation in Germany and price stability in France. Then what policy is needed for disinflation in the union? And what will be the dynamic effects on Germany and France?
Book Synopsis European Monetary Union by : Eckhard Hein
Download or read book European Monetary Union written by Eckhard Hein and published by . This book was released on 2002 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Political Economy of Monetary Union by : Francesco Giordano
Download or read book The Political Economy of Monetary Union written by Francesco Giordano and published by Routledge. This book was released on 2013-10-18 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book places the whole issue of monetary union in its wider political economic context. The authors discuss: * the effect of EMU on fiscal and monetary policies * Central bank independence * the impact of EMU on unemployment * ERM II * international perspectives. Drawing on their experience in the European financial markets, the authors use a non-technical approach to discuss these issues - both in a general european sense and more specifically, Germany, the UK and Italy.
Book Synopsis EMU Challenges European Labor Markets by : Rüdiger Soltwedel
Download or read book EMU Challenges European Labor Markets written by Rüdiger Soltwedel and published by International Monetary Fund. This book was released on 1999-09-01 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the challenges that European Monetary Union (EMU) poses for European labor markets, emphasizing in particular the regional dimension of the European unemployment problem. The authors argue that the inability of labor markets to adjust to shocks is largely a regional problem within EMU member countries, requiring structural reforms to enhance labor market flexibility but also a decentralization of competencies and greater diversity of labor market outcomes. Any attempt to successfully reform European labor markets and “make them fit for EMU” has to take into account the regional–and even a more decentralized firm–perspective.
Book Synopsis From Convergence to Crisis by : Alison Johnston
Download or read book From Convergence to Crisis written by Alison Johnston and published by Cornell University Press. This book was released on 2016-05-19 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: What explains Eurozone member-states' divergent exposure to Europe’s sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnston argues that Europe’s monetary union was structured in a way that advantaged the corporatist labor markets of its northern economies in external trade and financial lending. Northern Europe’s distinct economic advantage lay not with its fiscal capabilities, which were not that different from those of southern Eurozone countries, but with its wage-setting institutions. Through highly coordinated collective bargaining, the euro North persistently undercut the inflation performance of southern trading partners, destining them to a perpetual cycle of competitive decline and external borrowing. While northern Europe’s corporatist labor markets were always low inflation performers, monetary union ultimately made their wage-setting institutions toxic for the South. The euro’s institutional predecessor, the European Monetary System, included economic and institutional mechanisms that facilitated macroeconomic adjustment and convergence between the common currency’s corporatist and noncorporatist economies. Combining cross-national statistical analysis with detailed qualitative case studies of Denmark, Germany, Italy, Ireland, the Netherlands, and Spain, Johnston reveals that monetary union’s removal of these mechanisms allowed external imbalances between these two blocs to grow unchecked, underpinning the crisis in which Europe currently finds itself. Rather than achieving the EU’s goal of an ever-closer union, the common currency produced a monetary environment that destabilized the economic integration of its diverse labor markets.
Book Synopsis Policy Competition and Policy Cooperation in a Monetary Union by : Michael Carlberg
Download or read book Policy Competition and Policy Cooperation in a Monetary Union written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: European monetary unification seems to be one of the most important events in international monetary affairs since the breakdown of Bretton Woods. It pos es a major challenge to central banks, governments, and labour unions. It opens up new fields of economic research that are both intriguing and fascinating. European Monetary Union amounts to a switch of regime. Surely the Mundell Fleming model of the open economy does no longer apply to Germany or France. The effects of shocks and policies on output and prices should have changed dramatically in size. Some of them should even work in the opposite direction now. The present book is part of a larger research project on monetary union, see Carlberg (1999, 2000, 2001, 2002, 2003). Some parts of this project were presented at the World Congress of the International Economic Association in Lisbon. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association in Klagenfurt, at the Pass au Workshop on International Economics, at the Halle Workshop on Monetary Economics, and at the Research Seminar on Macroeconomics in Freiburg. Moreover, book reviews were published in the Economic Journal, Kyklos, the Journal of Economics, and the Journal of Economics and Statistics.
Book Synopsis European Monetary Union and Exchange Rate Dynamics by : Paul J.J. Welfens
Download or read book European Monetary Union and Exchange Rate Dynamics written by Paul J.J. Welfens and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: The creation of the European Central Bank and the Euro have brought new challenges to EU integration and economic policy. This book looks into issues of monetary and factor market policies. The analysis presents new theoretical and empirical research on the current decline of the Euro. Issues regarding exchange rate policies and international economic relations are also addressed.
Book Synopsis Wages and the Euro by : Gustav A. Horn
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.
Book Synopsis Wage Setting, Social Pacts and the Euro by : Anke Hassel
Download or read book Wage Setting, Social Pacts and the Euro written by Anke Hassel and published by Amsterdam University Press. This book was released on 2006 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: Politicians, economists, and social theorists tend to agree that globalization and neo-liberal economic policy have contributed to the decline of the social compacts underlying traditional European welfare states. Recently, however, social pacts have demonstrated an impressive resurgence, as governments across Europe facing necessary economic policy adjustments have chosen to view trade unions as vital negotiating partners rather than adversaries. Wage Setting, Social Pacts, and the Euro offers a theoretical understanding of the forces that have led to this new understanding, and of the challenges that increasing monetary integration will continue to pose.
