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dc.contributor.authorMikosch, Heineren_US
dc.contributor.authorSturm, Jan-Egberten_US
dc.date.accessioned2011-09-05en_US
dc.date.accessioned2011-10-06T15:41:30Z-
dc.date.available2011-10-06T15:41:30Z-
dc.date.issued2011en_US
dc.identifier.pidoi:10.3929/ethz-a-006435838en_US
dc.identifier.urihttp://hdl.handle.net/10419/50428-
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.publisherKOF Zürichen_US
dc.relation.ispartofseriesKOF working papers // KOF Swiss Economic Institute, ETH Zurich 280en_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.titleHas the EMU reduced wage growth and unemployment? Testing a model of trade union behavioren_US
dc.typeWorking Paperen_US
dc.identifier.ppn667714294en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:KOF Working Papers, KOF Konjunkturforschungsstelle, ETH Zürich

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