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Unemployment and wage rigidity in the European Monetary Union: An empirical investigation.

机译：欧洲货币联盟的失业和工资刚性：一项实证研究。

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摘要

Over the last three decades, unemployment in Europe has been a major problem. It has increased steadily over time, although its pattern of movement has not been homogeneous across the different countries. Moreover, European unemployment is structural in nature. Decline in economic growth, increase in interest rates and technological progress has led to incomplete sectoral shifts or job relocation, resulting in a change in the underlying unemployment rate. With the introduction of a single currency and a common monetary policy in 1999 (formation of the European Monetary Union), the member countries were faced with a new challenge. Without being able to follow an independent monetary policy, and having restricted use of fiscal policy, the European economies were required to look for alternate measures to deal with adverse shocks, and to also reduce unemployment.;Using data collected from various sources, and parametric and semi-parametric estimation techniques, the current research attempts to analyze the impact of the European Monetary Union (EMU) on European unemployment, wage rigidity and labor market institutions. Results of individual country analysis indicate that EMU has had mixed impact on the wage rigidities of the member countries which may be attributed to the heterogeneity in the institutional characteristics and tax structures of these countries. However, both real and nominal wage rigidities decreased for the entire group of EMU member countries. Moreover, unemployment and labor costs decreased for most of the member countries post 1999. EMU has also been found to affect real wage pressure factors in such a way as to reduce real wage resistance, improve job search effectiveness, and hence, lower unemployment. This implies that participating countries must have followed labor market reform policies, and made adjustments in the absence of monetary and fiscal policies. This is a positive signal to the would-be members of the EMU.;Thus, the findings of this research strongly support our claim that with the formation of the EMU, member countries will have to follow labor market reform policies to deal with external shocks and unemployment issues in the absence of independent monetary policy and restricted use of fiscal policy.
机译：在过去的三十年中，欧洲的失业一直是一个主要问题。尽管不同国家的行动方式不尽相同，但随着时间的推移，它稳步增加。此外，欧洲的失业本质上是结构性的。经济增长下降，利率上升和技术进步导致部门转移或工作转移不完全，从而导致基本失业率发生变化。随着1999年采用单一货币和共同货币政策（欧洲货币联盟的成立），成员国面临着新的挑战。在不能遵循独立的货币政策并且限制使用财政政策的情况下，欧洲经济被要求寻找替代措施以应对不利冲击并减少失业。使用从各种来源收集的数据和参数化数据和半参数估计技术，当前的研究试图分析欧洲货币联盟（EMU）对欧洲失业，工资刚性和劳动力市场制度的影响。个别国家的分析结果表明，欧洲货币联盟对成员国的工资刚性产生了不同的影响，这可能归因于这些国家的体制特征和税收结构的异质性。但是，整个动车组成员国的实际和名义工资刚性都下降了。此外，1999年后大多数成员国的失业和劳动力成本下降。还发现动车组以降低实际工资阻力，提高求职效率，从而降低失业率的方式影响实际工资压力因素。这意味着参与国必须遵循劳动力市场改革政策，并在缺乏货币和财政政策的情况下进行调整。这对潜在的欧洲货币联盟成员是一个积极的信号。因此，本研究的结果强烈支持了我们的主张，即随着欧洲货币联盟的成立，成员国将必须遵循劳动力市场改革政策来应对外部冲击。缺乏独立货币政策和限制使用财政政策的失业问题。

著录项

  • 作者

    Dev Roy, Sutanuka.;

  • 作者单位

    Clark University.;

  • 授予单位 Clark University.;
  • 学科 Economics General.
  • 学位 Ph.D.
  • 年度 2009
  • 页码 165 p.
  • 总页数 165
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 经济学;
  • 关键词

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