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dc.contributor.authorJusélius, Katarinaen
dc.contributor.authorOrdóñez, Javieren
dc.date.accessioned2009-01-28T15:05:26Z-
dc.date.available2009-01-28T15:05:26Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/17992-
dc.description.abstractThis paper provides an empirical investigation of the wage, price and unemployment dynamics that have taken place in Spain during the last two decades. The aim of this paper is to shed light on the impact of the European economic integration process on Spanish labour market and the convergence to a European level of prosperity. We find some important lessons to be learnt from the Spanish experience that should be relevant for the new member states. Second, before fixing the real exchange rate it seems crucial that it is on its sustainable (competitive) purchasing power parity level. First, high competitiveness in the tradable sector seems crucial for the real and nominal convergence to be successful. The increase in consumption wages and consumer prices as a result of the Balassa-Samuelson effect should not be allowed to exceed the improvement in productivity. Second, before fixing the real exchange rate it seems crucial that it is on its sustainable (competitive) purchasing power parity level. Third, there does not seem to be a short-cut to a European level of standard of living: the path to sustainable prosperity seems to follow the path of productivity improvement. Forth, excessive real wage increases seem to lead to increasing unemployment, slowdown in productivity growth, higher interest rates, and loss of competitiveness. On the other hand, the access to the European market and the possibility of increased export demand is likely to speed up the convergence process as long as competitiveness is not eroded by excess wage increases.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aEconomics Discussion Papers |x2008-20en
dc.subject.jelE24en
dc.subject.jelC32en
dc.subject.ddc330en
dc.subject.keywordBalassa-Samuelson effecten
dc.subject.keywordnominal and real convergenceen
dc.subject.keywordunemployment dynamicsen
dc.subject.keywordpurchasing power parityen
dc.subject.keywordcointegrated VARen
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen
dc.subject.stwEU-Erweiterungen
dc.subject.stwWirtschaftliche Anpassungen
dc.subject.stwEntwicklungskonvergenzen
dc.subject.stwArbeitslosigkeiten
dc.subject.stwBeschäftigungseffekten
dc.subject.stwBalassa-Samuelson Effekten
dc.subject.stwKaufkraftparitäten
dc.subject.stwLohnniveauen
dc.subject.stwInflationen
dc.subject.stwSpanienen
dc.titleWage, Price and Unemployment Dynamics in the Spanish Transition to EMU Membership-
dc.typeWorking Paperen
dc.identifier.ppn565669419en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifwedp:7265en

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