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Is the Euro Working? The Euro and European Labour Markets

机译:欧元在起作用吗?欧元和欧洲劳动力市场

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摘要

Now that time has passed since the introduction of the euro as a commercial currency, it is possible to assess many arguments made in the abstract during the 1990s about European monetary union. This article shows that the euro zone still falls short as an optimal currency area in most respects. In particular, it undertakes an empirical analysis of the labour market and finds no progress toward flexibility or integration. These results challenge assertions of 'endogenous currency area' proponents that the euro area would become optimal 'after the fact', and that labour markets would serve as the principal avenue of adjustment. Instead, a 'rigidity trap' has developed in the euro area, consisting of relatively tight monetary policy, forced fiscal consolidation, and a risk of deflation in some economies. These conditions have compounded the difficulties of structural adjustment in European labour markets.
机译:自从将欧元作为一种商业货币引入以来,时间已经过去,有可能评估抽象地关于欧洲货币联盟的论点。本文显示,在大多数方面,欧元区仍是最佳货币区。特别是,它对劳动力市场进行了实证分析,没有发现在灵活性或一体化方面取得任何进展。这些结果挑战了“内生货币区”的支持者的主张,即欧元区将在“事后”成为最佳状态,而劳动力市场将成为调整的主要途径。相反,欧元区出现了“刚性陷阱”,其中包括相对紧缩的货币政策,强制性的财政整顿以及某些经济体出现通缩的风险。这些条件加剧了欧洲劳动力市场结构调整的困难。

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  • 来源
    《Journal of Public Policy》 |2011年第3期|p.147-168|共22页
  • 作者

    STEPHEN J. SILVIA;

  • 作者单位

    School of International Service American University 4400 Massachusetts Ave., NW Washington, DC 20016-8071;

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  • 原文格式 PDF
  • 正文语种 eng
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