연구보고서IMF Working Paper 11-109
Real Unit Labor Costs Differentials in EMU: How Big, How Benign and How Reversible?
- 청구기호
- WP 11-109
- 발행사항
- Washington,D.C : IMF, 2011
- 형태사항
- 27 p. :. PDF file ;. 1307 KB
- 바로가기
소장정보
위치 | 등록번호 | 청구기호 / 출력 | 상태 | 반납예정일 |
---|---|---|---|---|
이용 가능 (1) | ||||
E0001075 | 대출가능 | - |
이용 가능 (1)
- 등록번호
- E0001075
- 상태/반납예정일
- 대출가능
- -
- 위치/청구기호(출력)
책 소개
Real unit labor costs (RULC) growth differentials between euro area members have persisted since EMU began and even widened out in the run-up to the crisis. This paper focuses on the causes underlying such dispersion. According to our empirical findings, persistent RULC growth differentials can be attributed to divergent evolutions in capital-output ratios, nominal effective exchange rates and country-specific institutional features, coupled with an increased sensitivity of RULC to fundamentals following the shift in the monetary regime. Because these RULC growth discrepancies in EMU partly result from heterogeneous structural characteristics, policy action seeking more homogenous regulation across the euro area can make a significant contribution to reduce them.