학술논문
Nominal Wage Flexibility and Monetary Union
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- 영문명
- Nominal Wage Flexibility and Monetary Union
- 발행기관
- 세종대학교 경제통합연구소
- 저자명
- Jules Leichter
- 간행물 정보
- 『Journal of Economic Integration』제19권 제1호, 113~130쪽, 전체 18쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2004.03.31
4,960원
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국문 초록
영문 초록
The impact of the creation of a monetary union on structural convergence among member countries remains an open question. A model of monetary union is presented in which national nominal wage flexibility is endogenous and may vary across countries. We use wage indexation as a proxy for nominal wage flexibility and show how the strategic interaction between the monetary union central bank and wage bargainers results in “outlier” countries choosing an optimal wage contract which creates a more flexible nominal wage. The model predicts that if national business cycles are not perfectly synchronized, the optimal response of labor market participants to the creation of a single currency may promote structural divergence among member countries.
목차
Ⅰ. Introduction
Ⅱ. Optimal Wage Indexation Literature
Ⅲ. The Model
Ⅳ. Implications for Structural Convergence
Ⅴ. Conclusion
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