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Title:Aggregate wage flexibility in selected new EU member states PDF Logo
Authors:Babetskii, Ian
Issue Date:2007
Series/Report no.:CESifo working paper 1916
Abstract:A fixed exchange rate regime eliminates one degree of freedom in absorbing macroeconomic shocks. Therefore, there is a call for higher labor market flexibility in countries which are members of the monetary union or those which intend to join the monetary union. Focusing on the cross-country analysis of labor markets in the enlarged European Union over 1995- 2004, this paper aims to assess empirically the role of aggregate wages as a correction mechanism for dealing with economic disturbances. We apply classical time series/panel, Bayesian, and cointegration techniques to determine the extent to which aggregate wages can accommodate shocks in the economy.
JEL:E24
E52
C22
C33
P20
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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