Macroeconomic policy, wage setting, and employment - what difference does the EMU make?
分析了欧洲货币联盟对就业波动和水平的影响，发现通胀目标制限制了货币政策，但汇率和工资灵活性仍可应对冲击；工资灵活性在联盟内可能略高，但对劳动力市场改革的净影响不确定。
The likely impact of the EMU on the variability and level of employment is analysed. The major conclusions are as follows. (i) Although an inflation-target regime will constrain monetary policy of a non-participant in the EMU, it still leaves considerable scope for exchange-rate changes in the case of country-specific demand shocks, provided that there is some nominal price and wage flexibility. (ii) Variations in payroll taxes can be used as a substitute for exchange-rate changes in the EMU, but it will be an imperfect substitute. (iii) Money-wage flexibility is likely to be larger inside than outside the EMU, but probably not by much. (iv) There are various mechanisms through which the EMU may affect the incentives for labour-market reform to reduce equilibrium unemployment, but the net impact is highly uncertain.