Changing Labour Market Flexibility in the European Union
نویسندگان
چکیده
This paper examines the effects of institutional arrangements on the wage formation process by estimating Phillips’ curves for the principal European Union (EU) member states, employing a time-varying parameter methodology. Our interest is in ascertaining the causes of any differences in the underlying sacrifice ratios vis. the short-run percentage increase in unemployment (or decrease in GDP) required to reduce inflation by one per cent across member states.
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