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dc.contributor.authorMikosch, Heineren
dc.contributor.authorSturm, Jan-Egberten
dc.date.accessioned2011-06-08-
dc.date.accessioned2011-06-29T11:19:09Z-
dc.date.available2011-06-29T11:19:09Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3453en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordcommon currency areasen
dc.subject.keywordEMUen
dc.subject.keywordPhillips curveen
dc.subject.keywordunemploymenten
dc.subject.keywordwagesen
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen
dc.subject.stwGeldpolitiken
dc.subject.stwLohnen
dc.subject.stwArbeitslosigkeiten
dc.subject.stwPhillips-Kurveen
dc.subject.stwLohnverhandlungenen
dc.subject.stwEU-Staatenen
dc.subject.stwOECD-Staatenen
dc.titleHas the EMU reduced wage growth and unemployment? Testing a model of trade union behaviour-
dc.typeWorking Paperen
dc.identifier.ppn661610128en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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