Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/32515
Autoren: 
Berthold, Norbert
Datum: 
1998
Reihe/Nr.: 
Wirtschaftswissenschaftliche Beiträge des Lehrstuhls für Volkswirtschaftslehre, Wirtschaftsordnung und Sozialpolitik, Universität Würzburg 22
Zusammenfassung: 
Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase. - EMU will start with eleven member countries as scheduled on January 1, 1999. The paper shows that the primacy of politics over economics in this decision could have serious consequences concerning the stability of EMU in the transition phase. Speculative attacks against currencies which are in economic distress due to asymmetric shocks can still happen. A speculative attack as such cannot force a country out of EMU. However, the country concerned might voluntarily decide to leave the system as the costs of staying inside EMU, e.g. due to further rising unemployment, become too large to bear.
Schlagwörter: 
European Monetary Union
real wage rigidity
fiscal policy
unemployment
labor market reforms
monetary policy
asymmetric shocks.
JEL: 
E24
E63
H30
J30
Dokumentart: 
Working Paper

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