Sánchez, Marcelo - European Central Bank - 2009
, trade unions set wages with national prices in mind, deviatingfrom Cukierman and Lippi (2001) who postulate that wages are … set having area-wide pricesin mind. For reasonable ranges of parameter values (and macroeconomic shocks), simulationsshow … views expressed in this paper do not
necessarily refl ect those of the European
Central Bank.
The statement of purpose for …