| Titre : | Inflation and Unemployment, new insights during the EMU accession |
| Auteurs : | Jean-Louis Combes ; Pierre Lesuisse |
| Type de document : | Working Paper |
| Mention d'édition : | Juin 2021 |
| Editeur : | S.N., 2021-06-10 |
| Format : | 34 p. |
| Langues: | Anglais |
| Catégories : |
[Eurovoc] ÉCONOMIE > situation économique > cycle économique > inflation [Eurovoc] EMPLOI ET TRAVAIL > emploi > chômage [Eurovoc] FINANCES > relations monétaires > relation monétaire > union monétaire [Eurovoc] GÉOGRAPHIE > géographie économique > pays d'Europe centrale et orientale [Eurovoc] UNION EUROPÉENNE |
| Tags : | Phillips curve ; European Monetary Union ; panel |
| Résumé : | In the process of EU integration, toward the EA accession, we try to understand, how changes in exchange rate regime, attributed to the switch through the ERM-II and to the EA accession, influence the dynamic between inflation and unemployment, i.e., shock on the Phillips curve coefficient. We look at a panel of countries, in the CEECs over the last twenty years, using a recent work from McLeay and Tenreyro (2020), to clarify the impact of loosing the monetary autonomy. Being under a pegged regime is not associated with a flattened Phillips curve. However, after the EA accession, the Phillips curve coefficient becomes not significant. This result is confirmed, looking at other small EA countries; while "economic leaders" tend to maintain a significant trade-off between inflation and unemployment. Using recent work from |
| Axe de recherche : | Financement du développement |
| En ligne : | https://hal.archives-ouvertes.fr/hal-03216478 |
Documents numériques (1)
https://hal.archives-ouvertes.fr/hal-03216478v2/file/working_paper.pdf URL |
