We assess to what extent wage inflation policies in Germany could contribute to an economic rebalancing in the euro … and output in Germany and the rest of the euro area. The duration of constant interest rates and expectations about the … consists of Germany, the rest of the euro area, and the rest of the world. …

, the efficiency of the separate carbon market is lower than that of the joint carbon market. Second, the intensity of the …'s economy in a joint carbon market is more sensitive because its cross-border spillover effects are enhanced, while demand …-side shocks have a stronger impact on the EU's economy under a separate carbon market. Third, the Ramsey policy rule revealed that …