Hysteresis, the Phillips Curve and the Costs of Monetary Union

If actual unemployment affects the NAIRU through a hysterisis effect, the disinflation involved in reducing a country's inflation rate to that of its future partners in a monetary union could produce a long term cost to monetary union in the form of a lasting rise in the NAIRU. This note sets out a framework for analysing the likelihood of such an eventuality.

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Year of publication:	1996-10
Authors:	Cobham, David ; Williams, Steve
Institutions:	Centre for Research into Industry, Enterprise, Finance and the Firm (CRIEFF), University of St. Andrews
Subject:	Unemployment \| Hysterisis \| Phillips Curve \| Monetary Union

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Series:	CRIEFF Discussion Papers.
Type of publication:	Book / Working Paper
Classification:	E24 - Employment; Unemployment; Wages ; E31 - Price Level; Inflation; Deflation ; F36 - Financial Aspects of Economic Integration
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005673154