This paper discusses the challenges that European Monetary Union (EMU) poses for European labor markets, emphasizing in particular the regional dimension of the European unemployment problem. The authors argue that the inability of labor markets to adjust to shocks is largely a regional problem...

This paper discusses the challenges that European Monetary Union (EMU) poses for European labor markets, emphasizing in particular the regional dimension of the European unemployment problem. The authors argue that the inability of labor markets to adjust to shocks is largely a regional problem...

Beginning in 1992, Greece’s economy was at least partially managed consistent with European Union (EU) membership. Greece joined the EU on January 1, 2001, adopting the Euro at a conversion rate of 340.75 Drachmas per Euro. From 1995-2000, Greece had 3.2% average GDP growth, 5.5% consumer...

Wage developments and related policies that determine labor markets functioning and wage formation processes, are key factors with central importance in EMU. Flexibility in labor markets functioning and wage-setting aiming to nominal and real wage flexibility, has been the most important policy...

This paper explores the impact of country size on labour market flexibility in a monetary union with a common monetary policy as conducted in EMU. I apply a Barro-Gordon framework and test its result empirically for EMU. Results confirm that small countries demand higher labour market...

We propose using sign restrictions to identify regional labor demand shocks in a panel VAR of US federal states. Observed migration responds significantly, but less persistently than the residual-based migration measure constructed by Blanchard and Katz (1992).