Ordóñez, Javier; Sala, Hector; Silva, José I. - 2014
We examine the trajectories of the real unit labour costs (RULCs) in a selection of Eurozone economies. Strong … uncovered through decomposition and cluster analyses. In the last three decades, the PIIGS (Portugal, Ireland, Italy, Greece …, and Spain) succeeded in reducing their RULCs by more than their northern partners. With the exception of Ireland, however …