La flexibilité des prix relatifs et la mobilité du travail en Union monétaire. Une comparaison Europe/États-Unis

Adjustment mechanisms through the labour market are studied following two approaches. First, relative prices flexibility is analysed with a macro-economic model estimated for 14 European countries. Model simulations are used to study the consequences of asymmetric shocks; wages and employment flexibility only allows an uncompleted and very slow (beyond ten years) re-equilibrium. The labour mobility is then studied with a modelling of a migration-prices-wages-employment model, applied to the American economy divided into four regions. The simulations confirm that the prices relative flexibility allows only limited adjustments facing demand or supply shocks concerning a specific region. The labour mobility plays indeed a re-equilibrium role, but it remains very reduced.