Does EMU Promote Labor‐Market Reforms?
探讨欧洲货币联盟（EMU）是否促进劳动力市场改革，发现EMU可能削弱改革动力，因为改革降低均衡通胀的效应在货币联盟中消失，且名义刚性强化了这一结论。
This paper discusses whether European Monetary Union (EMU) will promote labor-market reforms. Labor-market reforms carry a double dividend: not only structural unemployment but also equilibrium inflation is decreased. However, with labor-market reforms being implemented nationally, the latter effect is not present in EMU so that EMU does not work in favor of labor-market reforms. This result is reinforced by the existence of nominal rigidities. A contrary effect arises if EMU itself increases structural unemployment. Yet, this positive effect of EMU on labor-market reforms is compromised if it is caused by the possibility for participating countries to produce negative fiscal externalities. Copyright 1998 by WWZ and Helbing & Lichtenhahn Verlag AG