NDLI: The synchronization of wage dynamics across EMU members. A test of the endogeneity hypothesis

Content Provider	Springer Nature Link
Author	Buscher, Herbert S. Gabrisch, Hubert
Copyright Year	2011
Abstract	We test the hypothesis of an endogenous currency area for the labor market of the Euro area: has the introduction of a common currency caused wage dynamics to become more synchronized and to be able to cushion for asymmetric shocks? Trade intensity, sector specialization and financial integration are tested for being the driving forces for the endogenous synchronization of wage dynamics. We use regression techniques with instrument variables, and find evidence of persistent asymmetries in nominal wage formation, despite a single currency and monetary policy. We explain the result with more specialization following financial integration, and with still existing differences in wage formation and labor market institutions. We conclude that the euro zone is not endogenous with respect to wage formation. Rather, there are incentives for beggar-thy-neighbor policies in the Euro area.
Starting Page	327
Ending Page	340
Page Count	14
File Format	PDF
ISSN	03408744
Journal	Empirica
Volume Number	39
Issue Number	3
e-ISSN	15736911
Language	English
Publisher	Springer US
Publisher Date	2011-03-08
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Labour markets EMU OCA Public Finance & Economics Econometrics Industrial Organization European Integration International Economics Macroeconomics/Monetary Economics
Content Type	Text
Resource Type	Article
Subject	Geography, Planning and Development Development Economics and Econometrics

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
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3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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