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| Author: | Vartiainen, J. |
| Title: | Relative prices in monetary union and floating |
| Journal: | Scandinavian Journal of Economics
2002 : JUN, VOL. 104:2, p. 277-287 |
| Index terms: | European Monetary System Pay Inflation Models Economic theory Europe |
| Freeterms: | EMS EMU Wage rates |
| Language: | eng |
| Abstract: | The setting is a small open economy with an open sector and a sheltered sector. If the unions in each sector coordinate their wage claims within the sector, the choice of monetary regime, monetary union or floating with an inflation target, affects the relative prices of tradable and non-tradables as well as real wages and employment. European Monetary Union (EMU) membership results in lower prices of tradable goods and lower relative wages in the open sector, while opposite results hold for sheltered sector prices and wages. |
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