Belke, Ansgar; Haskamp, Ulrich; Schnabl, Gunther; … - 2015
focus is on Greece. The paper extends the seminal Balassa-Samuelson model to include international capital markets, placing … wages to increase beyond productivity increases. The augmented Balassa-Samuelson model is extended to trace cyclical … 2013 show evidence of the Balassa-Samuelson effect if Greece is excluded from the panel. For Greece, this in turn provides …