Changes in behaviour under EMU |
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Authors: | David Mayes Matti Virén |
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Institution: | 1. Europe Institute, University of Auckland, New Zealand;2. Bank of Finland, Finland;3. University of Turku, Finland |
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Abstract: | Using a simple model of the euro area economy, we explore whether EMU has been associated with changes in behaviour both in the run up to Stage 3 and since it started operating. We find that some behaviour has indeed changed; expectations formation, inflation, country dispersion of behaviour, fiscal policy (although the run up to Stage 3 shows a greater change than within it) and monetary policy (with several caveats). However, EMU does not appear to be associated with changes in the labour markets; employment, output growth and productivity. Substantial caution is needed in attributing these changes to EMU as much of the rest of OECD enjoyed similar changes over the same period. |
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Keywords: | F33 E52 E62 |
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