English, Article, Journal or magazine article edition: Adjustment under Fixed Exchange Rates: Application to the European Monetary Union A. Steven Englander; Thomas Egebo

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Adjustment under Fixed Exchange Rates: Application to the European Monetary Union
Author
  • A. Steven Englander
  • Thomas Egebo
Physical Description
  • preprint
Notes
  • The increasing, and ultimately complete, fixity of exchange rates between countries entering into the European Monetary Union (EMU) throws the burden of adjustment onto labour and product markets. At present, most countries adhering to the exchange rate mechanism of the EMS have relatively rigid labour markets, implying that, in the absence of structural reform, some countries may experience higher unemployment in moving towards the low inflation rates and modest deficit levels that are prerequisites for entering EMU. Given the limited availability of macroeconomic tools, some pressures to discriminate against imports from non-EC countries may emerge. Even after EMU, remaining differences in industrial and trading structures as well as in the supply and demand shocks experienced by individual Member countries will impose some need for localised adjustment. The relative wage and price changes involved in such adjustments may have disruptive effects on income and employment if labour ... La fixité, croissante et en dernière étape complète, des taux de change entre les pays qui entrent dans l'Union monétaire européenne (UME) transfert le poids de l'ajustement sur les marchés du travail et des produits. Actuellement la plupart des pays qui adhérent au mécanisme de change du SME ont des marchés du travail relativement rigides, ce qui implique qu'en l'absence de réformes structurelles, certains pays pourraient connaître un chômage plus élevé en cherchant à réduire leurs taux d'inflation et à obtenir les niveaux de déficits modérés qui sont requis pour entrer dans l'UME. En raison du nombre limité d'instruments de politique macro-économique, des pressions discriminantes à l'encontre des importations en provenance des pays non-membres de la CE pourraient se faire jour. Même après l'UME, les différences qui subsisteront tant dans les structures industrielles et commerciales que dans les chocs d'offre et de demande que pourraient connaître individuelleemnt chaque pays ...
  • RePEc:oec:ecoaaa:117-en
Language
  • English
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