Macro Shocks and Fluctuations
In: Journal of economics and business, Band 50, Heft 1, S. 23-38
ISSN: 0148-6195
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In: Journal of economics and business, Band 50, Heft 1, S. 23-38
ISSN: 0148-6195
In: FRB of New York Staff Report No. 1090, https://doi.org/10.59576/sr.1090
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In: Bank of England Working Paper No. 692
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Working paper
In: Journal of economics and business, Band 53, Heft 1, S. 5-26
ISSN: 0148-6195
In: Public choice, Band 162, Heft 3-4, S. 381-404
ISSN: 1573-7101
In: Public choice, Band 162, Heft 3-4, S. 381-404
ISSN: 0048-5829
In: IZA Discussion Paper No. 16187
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In: New Zealand economic papers, Band 49, Heft 2, S. 103-133
ISSN: 1943-4863
We model empirically the role of labor market institutions in affecting the response of inflation to labor market and exchange rate shocks in the EU. We adopt a simple Phillips curve framework, treating separately the sectors producing traded and non-traded goods. Our results show that labor market institutions have a significant role in affecting cross-country differences in inflation adjustment for the sheltered (non-trading) sector; the effects in the exposed (trading) sector are also significant but more limited. Increased wage coordination and more expenditure on LM policies (active or total) flatten the Phillips curve in both sectors. More active LM policies also reduce the persistence of inflation. However, but only in the non-trading sector, this effect is more than offset (in 15 countries out of 21) by the presence of stronger wage coordination, which increases the persistence of inflation. Finally, the adjustment of inflation to the real exchange rate, i.e. the exchange rate pass-through, is largely unaffected by institutional variables; only for non-tradables there is a strong negative effect of increased union density.
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In: IZA Discussion Paper No. 7616
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Working paper
In: European economy, Heft 5, S. 415-538
ISSN: 0379-0991
World Affairs Online
In: Banque de France Working Paper No. 365
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Working paper
In: Post-Soviet affairs, Band 26, Heft 1, S. 38-57
ISSN: 1938-2855