المستودع الأكاديمي جامعة المدينة

Wage, Price and Unemployment Dynamics in the Spanish Transition to EMU Membership

أعرض تسجيلة المادة بشكل مبسط

dc.creator Jusélius, Katarina
dc.creator Ordóñez, Javier
dc.date 2008
dc.date.accessioned 2013-10-16T06:57:47Z
dc.date.available 2013-10-16T06:57:47Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/17992
dc.identifier ppn:565669419
dc.identifier RePEc:zbw:ifwedp:7265
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/17992
dc.description This paper provides an empirical investigation of the wage, price and unemployment dynamics that have taken place in Spain during the last two decades. The aim of this paper is to shed light on the impact of the European economic integration process on Spanish labour market and the convergence to a European level of prosperity. We find some important lessons to be learnt from the Spanish experience that should be relevant for the new member states. Second, before fixing the real exchange rate it seems crucial that it is on its sustainable (competitive) purchasing power parity level. First, high competitiveness in the tradable sector seems crucial for the real and nominal convergence to be successful. The increase in consumption wages and consumer prices as a result of the Balassa-Samuelson effect should not be allowed to exceed the improvement in productivity. Second, before fixing the real exchange rate it seems crucial that it is on its sustainable (competitive) purchasing power parity level. Third, there does not seem to be a short-cut to a European level of standard of living: the path to sustainable prosperity seems to follow the path of productivity improvement. Forth, excessive real wage increases seem to lead to increasing unemployment, slowdown in productivity growth, higher interest rates, and loss of competitiveness. On the other hand, the access to the European market and the possibility of increased export demand is likely to speed up the convergence process as long as competitiveness is not eroded by excess wage increases.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Economics Discussion Papers / Institut für Weltwirtschaft 2008-20
dc.rights http://creativecommons.org/licenses/by-nc/2.0/de/deed.en
dc.subject E24
dc.subject C32
dc.subject ddc:330
dc.subject Balassa-Samuelson effect
dc.subject nominal and real convergence
dc.subject unemployment dynamics
dc.subject purchasing power parity
dc.subject cointegrated VAR
dc.subject Europäische Wirtschafts- und Währungsunion
dc.subject EU-Erweiterung
dc.subject Wirtschaftliche Anpassung
dc.subject Entwicklungskonvergenz
dc.subject Arbeitslosigkeit
dc.subject Beschäftigungseffekt
dc.subject Balassa-Samuelson Effekt
dc.subject Kaufkraftparität
dc.subject Lohnniveau
dc.subject Inflation
dc.subject Spanien
dc.title Wage, Price and Unemployment Dynamics in the Spanish Transition to EMU Membership
dc.type doc-type:workingPaper
dc.coverage 1983-2007


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