Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/333566 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
WIFO Working Papers No. 713
Verlag: 
Austrian Institute of Economic Research (WIFO), Vienna
Zusammenfassung: 
We examine how labor market institutions shape monetary policy transmission in euro area countries. A theoretical model suggests that higher union density flattens the Phillips curve, amplifying output responses while dampening the inflation effects of monetary shocks. This is empirically confirmed using an interacted panelVAR. In contrast, benefit replacement rates and employment protection legislation have a limited impact. Our findings point to a structural, not cyclical, driver of monetary policy effectiveness, highlighting the importance of labor market features. In a monetary union, such heterogeneity can lead to inefficient inflation and output differentials across member states.
Schlagwörter: 
Monetary policy
Labor market institutions
Euro area
Interacted panel VAR
JEL: 
C32
C33
E52
J21
J38
URL der Erstveröffentlichung: 
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.95 MB





Publikationen in EconStor sind urheberrechtlich geschützt.