Market Regulation, Cycles, and Growth Dynamics in a Monetary Union

IF 1.2 3区 经济学 Q3 BUSINESS, FINANCE
MIRKO ABBRITTI, SEBASTIAN WEBER
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引用次数: 0

Abstract

We build a two‐country currency union dynamic stochastic general equilibrium (DSGE) model with endogenous growth to assess the role of product market regulation (PMR) and labor market regulation (LMR) for growth and the adjustment to shocks. We show that with endogenous growth, there is no reason to expect real income convergence. Large shocks can lead to permanent changes of output and real exchange rates. Differences are exacerbated by different PMR and LMR. Less regulated economies have higher trend growth and recover faster from negative shocks. Results are consistent with higher inflation, lower employment, and disappointing total factor productivity (TFP) growth rates experienced in more regulated euro area members.
货币联盟中的市场监管、周期和增长动力
我们建立了一个具有内生增长的两国货币联盟动态随机一般均衡(DSGE)模型,以评估产品市场调节(PMR)和劳动力市场调节(LMR)对增长和冲击调整的作用。我们发现,在内生增长的情况下,没有理由期待实际收入趋同。巨大的冲击会导致产出和实际汇率的永久性变化。不同的 PMR 和 LMR 加剧了差异。监管较少的经济体趋势增长较高,从负面冲击中恢复较快。结果与监管程度较高的欧元区成员国所经历的较高通胀率、较低就业率和令人失望的全要素生产率(TFP)增长率相一致。
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来源期刊
CiteScore
2.90
自引率
6.70%
发文量
98
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