Markups and the Euro
研究发现，在形成欧洲货币联盟过程中采用固定汇率的OECD经济体，其行业层面的劳动收入份额下降，这在新凯恩斯粘性价格理论下与货币政策通过商业周期不确定性和最优加成率选择影响劳动份额有关，同时欧元促进的商品市场整合也削弱了劳工议价地位。
This paper reports evidence that OECD economies adopting fixed exchange rates in the process of forming the European currency union experienced declines in labor share of income at the industry level. This occurs most sharply among countries that experienced the biggest changes in their exchange rate policy. An implication of New Keynesian sticky price theory is that monetary policy has a first-order impact on labor share through the interaction of business cycle uncertainty and the choice of optimal markups. However, there is also evidence that goods market integration encouraged by the euro had a negative impact on the bargaining position of labor. © 2011 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.