haku: @author Belke, A. / yhteensä: 4
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| Tekijä: | Belke, A. Gros, D. |
| Otsikko: | Estimating the costs and benefits of EMU: The impact of external shocks on labour markets |
| Lehti: | Weltwirtschaftliches Archiv
1999 : HEFT 1, VOL. 135:1, p. 1-47 |
| Asiasana: | European monetary system Labour markets Costs Estimation Europe |
| Vapaa asiasana: | EMU |
| Kieli: | eng |
| Tiivistelmä: | Discussions of costs and benefits of EMU usually rely on the optimum currency area approach: when external shocks hit the economy, it is easier to adjust the exchange rate than domestic prices or wages. It is found in the paper that external shocks have little impact on unemployment, but are more important to manufacturing employment. Taking into account potential shock absorbers (exchange rates, fiscal and monetary policy) leaves results unchanged. By contrast, internal shocks, strongly influence (un)employment. The loss of the exchange rate instrument will not lead to massive unemployment after external shocks. |
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