文章基本信息

标题：Adjustment under Fixed Exchange Rates
本地全文：下载
作者：A. Steven Englander ; Thomas Egebo
期刊名称：Economics Department Working Papers / OECD
印刷版ISSN：0259-4633
出版年度：1992
卷号：1992
DOI：10.1787/308482533382
出版社：Organisation for Economic Co-operation and Development (OECD)
摘要：The increasing, and ultimately complete, fixity of exchange rates between countries entering into the European Monetary Union (EMU) throws the burden of adjustment onto labour and product markets. At present, most countries adhering to the exchange rate mechanism of the EMS have relatively rigid labour markets, implying that, in the absence of structural reform, some countries may experience higher unemployment in moving towards the low inflation rates and modest deficit levels that are prerequisites for entering EMU. Given the limited availability of macroeconomic tools, some pressures to discriminate against imports from non-EC countries may emerge. Even after EMU, remaining differences in industrial and trading structures as well as in the supply and demand shocks experienced by individual Member countries will impose some need for localised adjustment. The relative wage and price changes involved in such adjustments may have disruptive effects on income and employment if labour ...