Has EMU Had Any Impact on the Degree of Wage Restraint?

Adam Posen and Daniel Popov Gould

Chapter 7 in The Travails of the Eurozone, 2007, pp 146-178 from Palgrave Macmillan

Abstract: Abstract The Lucas Critique notwithstanding, applied economic research has paid a great deal of attention in recent decades to the potential for changes in monetary regimes to induce lasting changes in economic structures and behaviour. In particular, given the key role of inflation expectations in wage setting, and the presumed endogeneity of such practices as indexation to the price environment, theorists have developed increasingly sophisticated models of the interaction between central banking and labour market institutions.1 The creation of the euro presents a natural opportunity for the investigation of these models’ predictions. Economies that varied substantially in wage bargaining institutions and practices suddenly underwent a simultaneous shift in monetary regime.

Keywords: Monetary Policy; Central Bank; Productivity Growth; Real Wage; Wage Growth (search for similar items in EconPapers)
Date: 2007
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Working Paper: Has EMU had any Impact on the Degree of Wage Restraint? (2006)
Working Paper: Has EMU Had Any Impact on the Degree of Wage Restraint? (2006)
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DOI: 10.1057/9780230801479_7

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