The Role of Labour Market Institutions in Shaping Euro Area Monetary Policy Transmission
研究了劳动力市场制度如何影响欧元区国家的货币政策传导，发现工会密度高会拉平菲利普斯曲线，放大产出反应但抑制通胀效应，而其他制度影响有限。
ABSTRACT We examine how labour market institutions shape monetary policy transmission in euro area countries. A theoretical model suggests that higher union density flattens the Phillips curve, amplifying output responses while dampening the inflation effects of monetary shocks. This is empirically confirmed using an interacted panel VAR. In contrast, benefit replacement rates and employment protection legislation have a limited impact. Our findings point to a structural, not cyclical, driver of monetary policy effectiveness, highlighting the importance of labour market features. In a monetary union, such heterogeneity can lead to inefficient inflation and output differentials across member states.