全球智库信息集成服务系统(G2TT): DP8010 Adjustment in the Euro Area and Regulation of Product and Labour Markets: An Empirical Assessment

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP8010
	DP8010 Adjustment in the Euro Area and Regulation of Product and Labour Markets: An Empirical Assessment
	Alessandro Turrini; Gilles Mourre; Pietro Biroli
发表日期	2010-09-23
出版年	2010
语种	英语
摘要	This paper analyses the adjustment mechanism in the euro area. Results show that the real exchange rate (REER) adjusts in such a way to redress cyclical divergences and that after monetary unification REER dynamics have become less reactive to country-specific shocks but also less persistent. It is found that regulations, notably affecting price and wage nominal flexibility and employment protection, play a role in the adjustment mechanism. Indicators of product and labour regulations appear to matter for both the reaction of price competitiveness to cyclical divergences (differences between national and euro-area output gaps) and for the inertia of competitiveness indicators. Moreover, regulations appear to matter also for the extent to which common shocks may have country-specific effects on price competitiveness, as revealed by their interaction with proxies of unobservable common shocks á-la Blanchard and Wolfers (2000). In light of the tendency towards less stringent regulations in past decades, the results seem consistent with the observed reduction in the persistence of inflation differentials, and have implications for the design of adjustment-friendly product and labour market reforms.
主题	International Macroeconomics
关键词	Competitiveness Euro area adjustment Labour and product market institutions Monetary unification Nominal flexibility Regulations
URL	https://cepr.org/publications/dp8010
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/536847
推荐引用方式 GB/T 7714	Alessandro Turrini,Gilles Mourre,Pietro Biroli. DP8010 Adjustment in the Euro Area and Regulation of Product and Labour Markets: An Empirical Assessment. 2010.