Hysteresis, the Phillips Curve and the Costs of Monetary Union

David Cobham and Steve Williams

CRIEFF Discussion Papers from Centre for Research into Industry, Enterprise, Finance and the Firm

Abstract: If actual unemployment affects the NAIRU through a hysterisis effect, the disinflation involved in reducing a country's inflation rate to that of its future partners in a monetary union could produce a long term cost to monetary union in the form of a lasting rise in the NAIRU. This note sets out a framework for analysing the likelihood of such an eventuality.

Keywords: Unemployment; Hysterisis; Phillips Curve; Monetary Union (search for similar items in EconPapers)
JEL-codes: E24 E31 F36 (search for similar items in EconPapers)
Date: 1996-10
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Journal Article: Hysteresis, the Phillips curve and the costs of monetary union (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:san:crieff:9620

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