a column by Rui Costa, Swati Dhingra and Stephen Machin for VOX: CEPR’s Policy Portal
Some commentators argue that globalisation is systematically connected to the real-wage and productivity stagnation seen across the developed world.
This column analyses the relationship between international trade and worker outcomes in the immediate aftermath of the Brexit referendum, when the value of the sterling fell massively against other nations’ currencies. It finds that the rise in import costs from the sterling depreciation hurt wages and training.
This relative decline in real earnings of workers has reinforced pre-existing real-wage stagnation; UK workers have not fared well since the referendum price rise.
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Showing posts with label Currency. Show all posts
Showing posts with label Currency. Show all posts
Wednesday, 2 October 2019
Saturday, 3 March 2018
Money and monetary stability in Europe, 1300-1914
a column by K. Kıvanç Karaman, Sevket Pamuk and Seçil Yıldırım-Karaman for VOX: CEPR’s Policy Portal
There is a notable lack of long-run analyses of monetary systems and their stability. This column addresses this gap by looking at the monetary systems of major European states between 1300 and 1914. The evidence collected suggests that, despite many switches between standards and systems, fiscal capacity and political regimes ultimately shaped patterns of monetary stability. Theories of monetary stability that rely on the mechanics of monetary systems perform poorly when such a long-run perspective is taken.
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Hazel’s comment
Even if you have little or no interest in money or monetary stability you will find some fascinating graphical illustrations of devaluation and inflation in this column. I spent far more time than I should have done actually reading.
If I did that for all my posts I would never get anything posted.
There is a notable lack of long-run analyses of monetary systems and their stability. This column addresses this gap by looking at the monetary systems of major European states between 1300 and 1914. The evidence collected suggests that, despite many switches between standards and systems, fiscal capacity and political regimes ultimately shaped patterns of monetary stability. Theories of monetary stability that rely on the mechanics of monetary systems perform poorly when such a long-run perspective is taken.
Continue reading
Hazel’s comment
Even if you have little or no interest in money or monetary stability you will find some fascinating graphical illustrations of devaluation and inflation in this column. I spent far more time than I should have done actually reading.
If I did that for all my posts I would never get anything posted.
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