Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/46441
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dc.contributor.authorMikosch, Heineren_US
dc.contributor.authorSturm, Jan-Egberten_US
dc.date.accessioned2011-06-08en_US
dc.date.accessioned2011-06-29T11:19:09Z-
dc.date.available2011-06-29T11:19:09Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/46441-
dc.description.abstractBy using a model of trade union behaviour Grüner (2010) argues that the introduction of the European Monetary Union (EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner's model, monetary centralization lets the central bank react less flexibly to national business cycle movements. This increases the amplitude of national business cycles which, in turn, leads to higher unemployment risk. In order to counter-balance this effect, trade unions lower their claims for wage mark-ups resulting in lower wage growth and lower unemployment. This paper uses macroeconomic data on OECD countries and a difference-in-differences approach to empirically test the implications of this model. Although we come up with some weak evidence for increased business cycle amplitudes within the EMU, we neither find a significant general effect of the EMU on wage growth nor on unemployment.en_US
dc.language.isoengen_US
dc.publisher|aCenter for Economic Studies and Ifo Institute (CESifo) |cMunichen_US
dc.relation.ispartofseries|aCESifo working paper: Monetary Policy and International Finance |x3453en_US
dc.subject.jelE52en_US
dc.subject.jelE58en_US
dc.subject.ddc330en_US
dc.subject.keywordcommon currency areasen_US
dc.subject.keywordEMUen_US
dc.subject.keywordPhillips curveen_US
dc.subject.keywordunemploymenten_US
dc.subject.keywordwagesen_US
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwLohnen_US
dc.subject.stwArbeitslosigkeiten_US
dc.subject.stwPhillips-Kurveen_US
dc.subject.stwLohnverhandlungenen_US
dc.subject.stwEU-Staatenen_US
dc.subject.stwOECD-Staatenen_US
dc.titleHas the EMU reduced wage growth and unemployment? Testing a model of trade union behaviouren_US
dc.typeWorking Paperen_US
dc.identifier.ppn661610128en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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