Wages and prices in Europe before and after the onset of the Monetary Union |
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| Institution: | 1. CORE, Chair Lhoist Berghmans, Université Catholique de Louvain, Louvain-La-Neuve, Belgium;2. European Commission, Joint Research Centre (JRC), Ispra, Italy;3. Louvain School of Management, Université Catholique de Louvain, Louvain-La-Neuve, Belgium;4. Department of Economics and Oeschger Centre for Climate Change Research, University of Bern, Bern, Switzerland;1. Institute of Statistics and Mathematical Methods in Economics, Vienna University of Technology, Vienna, Austria;2. Accenture Digital, Accenture GmbH, Vienna, Austria;3. Research School of Engineering, Australian National University, Canberra, Australia;4. Canberra Research Laboratory, National ICT Australia Ltd., Australia;1. College of Management and Economics, Tianjin University, Tianjin 300072, China;2. China Center for Social Computing and Analytics, Tianjin University, Tianjin 300072, China;3. CNRS, Centre d''Economie de la Sorbonne, Université Paris 1 Panthéon-Sorbonne, 106-112 Boulevard de l''Hôpital, Paris, France;1. Shih Hsin University, Taipei, Taiwan;2. National Chengchi University, Taipei, Taiwan;3. Soochow University, Taipei, Taiwan |
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| Abstract: | This paper investigates possible structural changes induced by the Euro on the relations among wages, prices and unemployment for the five major European economies. The dynamic adjustment and the level relations are found to be different across subperiods as well as across countries. During the European Economic and Monetary Union (EMU) period, there is evidence of a conventionally-sloped Phillips Curve for the four economies within the EMU, with a higher degree of homogeneity with respect to the pre-EMU period; the UK presents instead a positively-sloped Phillips Curve in the EMU period. In this latter period, deviations from reference values are found to influence unemployment for all countries, including the UK. Only for Germany and Spain, instead, we find evidence that deviations from reference values influence inflation dynamics. |
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