Format:
1 Online-Ressource (circa 53 Seiten)
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ISBN:
9781498311489
Series Statement:
IMF working paper WP/19, 123
Content:
We build a two-country currency union DSGE model with endogenous growth to assess the role of cross-country differences in product and labor market regulations for long-term growth and for the adjustment to shocks. We show that with endogenous growth, there is no reason to expect real income convergence. Large shocks, through endogenous TFP movements, can lead to permanent changes of output and real exchange rates. Differences are exacerbated when member countries have different product and labor market regulations. Less regulated economies are likely to have higher trend growth and recover faster from negative shocks. Results are consistent with higher inflation, lower employment and disappointing TFP growth rates experienced in the less reform-friendly euro area members
Additional Edition:
Erscheint auch als Druck-Ausgabe Abbritti, Mirko Market Regulation, Cycles and Growth in a Monetary Union Washington, D.C. : International Monetary Fund, 2019 ISBN 9781498311489
Language:
English
Keywords:
Graue Literatur
DOI:
10.5089/9781498311489.001
URL:
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