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

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. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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