Euro Area Policies: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 266

Publication date: August 2005

ISBN: 9781451813029

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , Labor , Economics- Macroeconomics , ISCR , CR , EU bank , market , bank , product market regulation , house price , banking sector , wage moderation , wage-curve shift , labor market reform , Housing prices , Asset prices , Inflation , Commodity markets , Europe , Central and Eastern Europe , Global , Western Europe

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Summary

This Selected Issues paper for euro area policies analyzes the product market regulation and benefits of wage moderation. The paper identifies structural shifts in the relationship between wages and unemployment rates—a “wage curve”—in 20 industrial countries. It reviews euro area and cross-country developments in labor costs and their bivariate relationship with unemployment rates and business GDP. The paper also examines aspects of the European Central Bank’s monetary analysis, within the context of their overall two-pillar policy framework, and issues surrounding its use.