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One-size-fits-some! Capitalist diversity, sectoral interests and monetary policy in the euro area

机译:一个放之四海而皆准的一些!欧元区的资本主义多样性,部门利益和货币政策

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摘要

In the comparative capitalism literature, the European Central Bank’s (ECB’s) ‘one-size-fits-none’ monetary policy plays a key role in the widening of trade imbalances in the euro area (EA) by being overly restrictive for the region’s coordinated market economies (CMEs) and overly expansionary for the region’s mixed market economies. According to this literature, diverging wage setting institutions mediated how the ECB’s monetary policy re-distributed resources between traded and non-traded sectors in these varieties of capitalism. By examining three separate transmission channels of the ECB’s monetary policies (wage and price setting in labor and product markets; capital costs; and the nominal exchange rate of the euro), this paper goes beyond the traditional emphasis on wage setting institutions and draws attention to those institutions that underpin the non-price competitiveness of traded sectors. Overall, the paper explains how the institutionally infrastructure of the CMEs bolstered the adaptability of their traded sectors to the ECB’s single monetary policy and its three transmission mechanisms – both during the pre-crisis era of widening imbalances and the period of asymmetrical trade rebalancing since the outbreak of the euro crisis.
机译:在比较资本主义文献中,欧洲中央银行(ECB)的“一刀切无”的货币政策对欧元区(EA)的贸易不平衡过度限制,在扩大欧元区(EA)贸易失衡中起关键作用。经济(CME),并且该地区的混合市场经济过度扩张。根据这些文献,不同的工资设定机构介导了欧洲央行的货币政策如何在这些资本主义变体中的贸易和非贸易部门之间重新分配资源。通过研究欧洲央行货币政策的三个单独的传导渠道(劳动力和产品市场中的工资和价格设定;资本成本以及欧元的名义汇率),本文超越了传统上对工资设定机构的强调,并提请注意那些支撑贸易部门非价格竞争力的机构。总体而言,本文解释了芝商所的制度基础设施如何增强其贸易部门对欧洲央行单一货币政策及其三种传导机制的适应性-在危机前失衡扩大时期和自贸易危机以来的不对称贸易再平衡时期。欧元危机爆发。

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    Vermeiren, Mattias;

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  • 年度 2017
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  • 原文格式 PDF
  • 正文语种 eng
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