Policy regimes and the persistence of wage inflation and unemployment

Article Abstract:

Wage inflation may have changed during the 1980s, but this did not occur solely in countries that were members of the European exchange rate mechanism (ERM). There is some evidence of changes in wage inflation linked to changes in policies related to ERM membership. Labor market reforms in Spain affected both wages and unemployment, while France successfully diminished the persistence of unemployment and wage inflation. The overall flexibility of labor is not automatically increased by deregulation, as is shown in case of the United Kingdom.

Wages, Inflation (Finance), European Union, Western Europe, Wages and salaries, Inflation (Economics)

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The variance of UK GDP: reduced form estimates under fixed and floating exchange rate regimes

Article Abstract:

The United Kingdom economy has tended to use two types of exchange rate policies since 1945, fixed and floating rates. Floating rates were used from 1972 and this was a time when there was greater variation in key factors external to the UK economy than before. Equilibrium output showed an increased variance, and this may be linked to changes in external factors. The switch to a monetary regime in the first half of the 1970s may thus have been an optimal strategy and a success.

United Kingdom, Economic aspects, Monetary policy, Bretton Woods Conference, 1944

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Exchange rate misalignments and adjustments: implications for floating and fixed parity systems

Article Abstract:

Fixed exchange rate systems are preferable to floating exchange rate systems in almost all cases. The preference for floating exchange rate systems is higher in noncentralized fields and if currency has been undervalued long enough to provide gains. Both systems can generate misalignments and volatility costs.

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