Artikel
The adjustment mechanism in the euro area
This paper analyses the adjustment mechanism in the euro area prior to the crisis. Results show that the real exchange rate adjusted to redress cyclical divergences and that after monetary unification, real exchange rate dynamics became less reactive to country-specific shocks but also less persistent. Regulations affecting price and wage nominal flexibility and employment protection play a role in the adjustment mechanism. Indicators of product and labour regulations appear to matter for both the reaction of price competitiveness to cyclical divergences and for the inertia of competitiveness indicators.
- Language
-
Englisch
- Bibliographic citation
-
Journal: Intereconomics ; ISSN: 1613-964X ; Volume: 48 ; Year: 2013 ; Issue: 3 ; Pages: 159-166 ; Heidelberg: Springer
- Classification
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Wirtschaft
- Subject
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Kaufkraftparität
Volatilität
Eurozone
Preiswettbewerb
Lohnniveau
Arbeitnehmerschutz
Wirtschaftliche Anpassung
EU-Staaten
- Event
-
Geistige Schöpfung
- (who)
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Biroli, Pietro
Mourre, Gilles
Turrini, Alessandro
- Event
-
Veröffentlichung
- (who)
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Springer
- (where)
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Heidelberg
- (when)
-
2013
- DOI
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doi:10.1007/s10272-013-0457-8
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Biroli, Pietro
- Mourre, Gilles
- Turrini, Alessandro
- Springer
Time of origin
- 2013
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