Macroeconomic policy, wage setting, and employment-What difference does the EMU make?

Oxford Review of Economic Policy

Volumn 14, Issue 3, 1998, Pages 125-151

  Calmfors, Lars ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

ECONOMIC POLICY; EUROPEAN MONETARY UNION; LABOR MARKET; LABOR POLICY; MONETARY UNION; WAGE DETERMINATION;

EUROPE;

EID: 0032455221     PISSN: 0266903X     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (99)

1. Agell, J., and Lundborg, P. (1995), 'Theories of Pay and Unemployment: Survey Evidence from Swedish Manufacturing Firms', Scandinavian Journal of Economics, 97.
2. Akerlof, G. A. (1982), 'Labor Contracts as Partial Gift Exchange', Quarterly Journal of Economics, 97.
3. _ Yellen, J. (1990), 'Fairness and Unemployment', American Economic Review, Papers and Proceedings, 78.
4. _ Dickens, W., and Perry, G. (1996), 'The Macroeconomics of Low Inflation', Brookings Papers on Economic Activity, 1.
5. Alogoskoufis, G., Bean, C. R., Bertola, G., Cohen, D., Dolado, J. J., and Saint-Paul, G. (1995), Unemployment: Choices for Europe, Monitoring European Integration Series, 5, London, Centre for Economic Policy Research.
6. Andersen, T. (1997), 'Fiscal Policy in the EMU and Outside', Swedish Economic Policy Review, 4.
7. Avtal om principerna för hur ändringarna i arbetspensionsförsäkrings- och arbetslöshetsskyddsavgifterna skall utjämnas vid konjunkturväxlingar (1991), Helsinki, 18 November.
8. Ball, L. (1987), 'Externalities from Contract Length', American Economic Review, 77.
9. _ (1994), 'What Determines the Sacrifice Ratio?', in N. G. Mankiw (ed.), Monetary Policy, NBER and University of Chicago.
10. _ Mankiw, N. G., and Romer, D. (1988), 'The New Keynesian Economics and the Output-Inflation Trade-off', Brookings Papers on Economic Activity, 1.
11. _ Romer, D. (1991), 'Sticky Prices As Coordination Failure', American Economic Review, 81.
12. Barro, R. J., and Gordon, D. (1983), 'A Positive Theory of Monetary Policy in a Natural Rate Model', Journal of Political Economy, 91, 589-610.
13. Bayoumi, T., and Eichengreen, B. (1993), 'Shocking Aspects of Monetary Union', in F. Torres and F. Giavazzi (eds), Adjustment and Growth in the European Monetary Union, Cambridge, Cambridge University Press.
14. Bean, C. R. (1994), 'The Role of Demand Management Policies in Reducing Unemployment', Reducing Unemployment: Current Issues and Policy Options, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 25-27 August.
15. _ (1996), 'The Convex Phillips Curve and Macroeconomic Policymaking under Uncertainty', mimeo, LSE.
16. _ (1998), 'The Interaction of Aggregate-Demand Policies and Labour-Market Reform', Swedish Economic Policy Review, forthcoming.
17. Bewley, T. F. (1995), 'A Depressed Labour Market Index as Explained by Participants', American Economic Review, Papers and Proceedings, 85.
18. _ (1998), 'Why Not Cut Pay?', European Economic Review, 42.
19. Blanchard, O. J. (1986), 'The Wage Price Spiral', Quarterly Journal of Economics, 101.
20. Blinder, A., and Choi, D. H. (1990), 'A Shred of Evidence on Theories of Wage Stickiness', Quarterly Journal of Economics, 105.
21. Boldt, P. J. (1998), 'Finnish Social Partner Agreement on Counter-Cyclical EMU Buffers', mimeo, Finnish Confederation of Labour.
22. Bruno, M., and Sachs, J. (1985), The Economics of Worldwide Stagflation, Oxford, Basil Blackwell.
23. Calmfors, L. (1982), 'Employment Policies, Wage Formation and Trade Union Behaviour in a Small Open Economy', Scandinavian Journal of Economics, 1982(2), reprinted in J.-P. Bénassy (ed.), Macroeconomics and Imperfect Competition (Edward Elgar, 1995).
24. Calmfors, L. (1982), 'Employment Policies, Wage Formation and Trade Union Behaviour in a Small Open Economy', Scandinavian Journal of Economics, 1982(2), reprinted in J.-P. Bénassy (ed.), Macroeconomics and Imperfect Competition (Edward Elgar, 1995).
25. _ (1993), 'Lessons from the Swedish Macroeconomic Experience', European Journal of Political Economy, 9.
26. _ (1996), 'Nationalekonomernas roll under del senaste decenniet - vilka är lärdomarna?', in L. Jonung (ed.), Ekonomernas roll i debatten - gör de någon nytta?, IVA och Ekerlids Förlag.
27. _ (1998), 'Unemployment, Labour-Market Reform and Monetary Union', IIES Seminar Paper No. 639.
28. _ Horn, H. (1986), 'Employment Policies and Centralized Wage Setting', Economica, 53.
29. _ Flam, H., Gottfries, N., Jerneck, M., Lindahl, R., Haaland Matlary, J., Nordh Berntsson, C., Rabinowicz, E., and Vredin, A. (1997), EMU - A Swedish Perspective, Kluwer Academic Publishers.
30. Calmfors, L., Manning, A., and Saint-Paul, G. (1998), 'A Balanced Approach to Employment Policy in Europe', Treasury Working Paper No. 70, London.
31. Campbell, C. M., III and Kamlani, K. S. (1997), 'The Reasons for Wage Rigidity: Evidence from a Survey of Firms', Quarterly Journal of Economics, 112.
32. Canzoneri, M., Valles, J., and Viñals, J. (1996), 'Do Exchange Rates Move to Address International Macroeconomic Imbalances?', CEPR Discussion Paper No. 1498, October.
33. Card, D., and Hyslop, D. (1996), 'Does Inflation "Grease the Wheels of the Labour Markets"?', in C. D. Romer and D. H. Romer, Reducing Inflation. Motivation and Strategy, Chicago, IL, and London, The University Press of Chicago.
34. Clarida, R., and Gali, J. (1994), 'Sources of Real Exchange Rate Fluctuations: How Important are Nominal Shocks?', CEPR Discussion Paper No. 951.
35. Cukierman, A., and Lippi, F. (1997), 'Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment - Theory and Evidence', mimeo, Tilburg University and Banca d'Italia.
36. Dornbusch, R., Favero, C., and Giavazzi, F. (1998), 'Immediate Challenges for the European Central Bank: Issues in Formulating a Single Monetary Policy', Economic Policy, 26, 15-64.
37. Egebo, T., and Englander, A. S. (1992), 'Institutional Commitments and Policy Credibility: A Critical Survey and Empirical Evidence from the ERM', OECD Economic Studies, 18.
38. Eichengreen, B., and Wyplosz, C. (1998), 'The Stability Pact: More Than a Minor Nuisance?', Economic Policy, 26, 65-114.
39. Ekonomiska utsikter - våren (1998), LO, Stockholm.
40. Elmeskov, J., Martin, J. P., and Scarpetta, S. (1998), 'Key Lessons for Labour Market Reforms: Evidence from OECD Countries' Experiences', Swedish Economic Policy Review, forthcoming.
41. Erkel-Rousse, H., and Mélitz, J. (1995), 'New Empirical Evidence on the Costs of European Monetary Union', CEPR Discussion Paper No. 1169, May.
42. Fatás, A. (1997), 'EMU: Countries or Regions? Lessons from the EMS Experience', CEPR Discussion Paper No. 1558.
43. Forslund, A. (1995), 'Unemployment - Is Sweden Still Different?', Swedish Economic Policy Review, 2.
44. Freeman, R. B. (1998), 'Reforming Wage Formation: Toward a New Swedish System?', mimeo, Harvard University and NBER.
45. Fregert, K. (1994), Wage Contracts, Policy Regimes and Business Cycles - A Contractual History of Sweden 1908-1990, Lund Economic Studies, Lund, Studentlitteratur.
46. Friedman, M. (1953), 'The Case for Flexible Exchange Rates', Essays in Positive Economics, Chicago, IL, University of Chicago.
47. Gottfries, N. (1992), 'Insiders, Outsiders and Nominal Wage Contracts', Journal of Political Economy, 100.
48. Gros, D., and Thygesen, N. (1998), European Monetary Integration - From the European Monetary System to Economic and Monetary Union, London and New York, Addison Wesley Longman.
49. Grubb, D., Jackman, R., and Layard, R. (1983), 'Wage Rigidity and Unemployment in OECD Countries', European Economic Review, 21.
50. Grüner, H. P., and Hefeker, C. (1998), 'How will EMU Affect Inflation and Unemployment in Europe?', mimeo, University of Bonn and University of Basel.
51. Hassler, J. (1997), 'International Covariation in Manufacturing 1975-1995', Swedish Economic Policy Review, 4.
52. Hefeker, C. (1998), 'Labor Market Rigidities, Unions and Monetary Union', WWZ Discussion Paper, No. 9801, Wirtschaftswissenschaftliches Zentrum, University of Basel.
53. Holden, S. (1994), 'Wage Bargaining and Nominal Rigidities', European Economic Review, 38.
54. -(1997), 'Wage Bargaining, Holdout, and Inflation', Oxford Economic Papers, 49.
55. -Nymoen, R. (1998), 'Measuring Structural Unemployment: Is there a Rough and Ready Answer?', mimeo, Department of Economics, University of Oslo.
56. Jansson, P. (1997), 'How Large is the Risk of Asymmetric Shocks for Sweden', Swedish Economic Policy Review, 4.
57. Jensen, H. (1997), 'Credibility of Optimal Monetary Delegation', American Economic Review, 87.
58. Johansson, K. (1998), 'The Econometric Model KOSMOS', mimeo, National Institute of Economic Research, Stockholm.
59. Johnson, H. (1970), 'The Case for Flexible Exchange Rates', in G. Halm (ed.), Approaches to Greater Flexibility of Exchange Rates, the Bürgenstock Papers, Princeton, NJ, Princeton University Press.
60. Keynes, J. M. (1936), The General Theory of Employment, Interest, and Money, London, Macmillan.
61. Layard, R., and Nickell, S. (1997), 'Labour Market Institutions and Economic Performance', Discussion Paper Series No. 23, Centre for Economic Performance.
62. _ _Jackman, R. (1991), Unemployment: Macroeconomic Performance and the Labour Market, Oxford, Oxford University Press.
63. Leland, H. (1968), 'Saving and Uncertainty: The Precautionary Demand for Saving', Quarterly Journal of Economics, 82.
64. Lindbeck, A. (1996), 'The West European Employment Problem', Weltwirtschaftliches Archiv, December.
65. McCallum, B. T. (1995), 'Two Fallacies Concerning Central-Bank Independence', American Economic Review, Papers and Proceedings, 85.
66. Mélitz, J. (1997), 'The Evidence about the Costs and Benefits of EMU', Swedish Economic Policy Review, 4.
67. Minford, P. (1994), 'Deregulation and Unemployment - The UK Experience', Swedish Economic Policy Review, 1.
68. Nickell, S. (1997), 'Unemployment and Labour Market Rigidities: Europe versus North America', Journal of Economic Perspectives, 11, 55-74.
69. Obstfeld, M., and Peri, G. (1998), 'Regional Non-Adjustment and Fiscal Policy', Economic Policy, 26.
70. OECD (1994), The OECD Jobs Study, Paris, OECD.
71. _ (1997), Implementing the OECD Jobs Strategy: Lessons from Member Countries' Experience, Paris, OECD.
72. Orszag, M., and Snower, D. G. (1998), 'The Anatomy of Policy Complementaries', Swedish Economic Policy Review, forthcoming.
73. Ozkan, F. G., Sibert, A., and Sutherland, A. (1997), 'Monetary Union, Entry Conditions and Economic Reform', CEPR Discussion Paper No. 1720.
74. Personalfonder samt andra frivilliga EMU-buffertar på företagsnivå (1997), Helsinki, 16/11.
75. Persson, M. (1996), 'Märklig EMU-analys', Dagens Nyheter, 2 April.
76. Persson, T., and Tabellini, G. (1993), 'Designing Institutions for Monetary Stability', Carnegie-Rochester Conference Series on Public Policy, 39, 53-84.
77. Pissarides, C. (1997), 'The Need for Labour Market Flexibility in European Economic and Monetary Union', Swedish Economic Policy Review, 4.
78. Ramaswamy, R., and Sloek, T. (1997), 'The Real Effects of Monetary Policy in the European Union: What Are the Differences?', IMF Working Paper No. 97/160.
79. Resolution of the European Council on the Establishment of an Exchange-Rate Mechanism in the Third Stage of Economic and Monetary Union (1997), Amsterdam, 16 June.
80. Resolution of the Council of the European Union on the 1998 Employment Guidelines (1997), Luxembourg, 15 December.
81. Rödseth, A., and Nymoen, R. (1998), 'Nordic Wage Formation and Unemployment Seven Years Later', mimeo, Department of Economics, University of Oslo.
82. Saint-Paul, G. (1993), 'On the Political Economy of Labor Market Flexibility', NBER Macroeconomics Annual.
83. _ (1995), 'A Framework for Analysing the Political Support for Active Labour Market Policy', CEPR Discussion Paper No. 1205.
84. _ (1996), 'Exploring the Political Economy of Labour Market Institutions', Economic Policy, 23.
85. _ (1998), 'The Political Consequences of Unemployment', Swedish Economic Policy Review, forthcoming.
86. Sibert, A. C., and Sutherland, A. (1997), 'Monetary Regimes and Labour Market Reform', CEPR Discussion Paper No. 1731.
87. Solow, R. M. (1979), 'Another Possible Source of Wage Stickiness', Journal of Macroeconomics, 1.
88. Stockman, A. (1988), 'Real Exchange Rate Variability under Pegged and Floating Nominal Exchange Rate Systems: An Equilibrium Theory', Carnegie-Rochester Conference Series on Public Policy, 29.
89. Ställningstagande till den europeiska ekonomiska och monetära unionens inverkan på verksamhetsprinciperna på arbetsmarknaden (1997), Helsinki.
90. Svensson, L. E. O. (1997), 'Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts', American Economic Review, 85.
91. _ (1998), 'Open-Economy Inflation Targeting', mimeo, Institute for International Economic Studies, Stockholm.
92. Söderström, H., and Viotti, S. (1978), 'Money Wage Disturbances and the Endogeneity of the Public Sector in an Open Economy', in A. Lindbeck (ed.), Inflation and Employment in Open Economies, Amsterdam, North-Holland.
93. Taylor, J. B. (1980), 'Aggregate Dynamics and Staggered Contracts', Journal of Political Economy, 88.
94. Thomas, A. (1997), 'Is the Exchange Rate a Shock Absorber? The Case of Sweden', IMF Working Paper, December.
95. Thygesen, N. (1995), 'The Prospects for EMU by 1999 - and Reflections on Arrangements for the Outsiders', EPRU Working Paper No. 1995-17, Köpenhamns handelshögskola.
96. _ (1998), 'Fiscal Institutions in EMU and the Stability Pact', in A. Hughes-Hallett (ed.), Fiscal Aspects of European Monetary Integration, Cambridge, Cambridge University Press, forthcoming.
97. Wieland, V. (1998), 'Monetary Policy and Uncertainty about the Natural Employment Rate', Working Paper, Federal Reserve Board, Washington.
98. Walsh, C. (1995), 'Optimal Contracts for Independent Central Bankers', American Economic Review, 85, 150-67.
99. Wright, R. (1986), 'The Redistributive Roles of Unemployment Insurance and the Dynamics of Voting', Journal of Public Economics, 31.