Euro Area Policies; Selected Issues
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 curveâ€â€”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.
Year of publication: |
2005-08-03
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Institutions: | International Monetary Fund (IMF) ; International Monetary Fund |
Subject: | Bank credit | European Union | Financial stability | Labor costs | Labor markets | Money | Rules and Regulations | Selected issues | Unemployment | Wage policy | wage | wages | employment | unemployment rate | labor demand | benefits | unemployment rates | labor income | compensation | unemployed | low unemployment | high unemployment rates | employment protection | labor compensation | unemployment benefits | effect on employment | low unemployment rates | employment effects | worker | high unemployment | employment increase | wage determination | local unemployment |
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