This paper analyses the adjustment mechanism in the euro area prior to the crisis. Results show that the real exchange rate adjusted to redress cyclical divergences and that after monetary unification, real exchange rate dynamics became less reactive to country-specific shocks but also less...

Until the start of the seventies the situation on the labour markets of the European industrial states was considered with relative optimism. The high growth rates which most of the countries had achieved seemed to be sufficient to absorb the increases in the available labour force. The author...

In order to capture the consequences of the COVID-19 pandemic on the labour market, several aspects need to be taken into account. First, containment measures put in place in member states at different times and with different levels of severity determined the interruption of several economic...

The persistently low wage and price growth in the EMU after the Great Recession of 2009 led some economic observers to conclude that the Phillips Curve has broken down and that the ECB should therefore reconsider its infl ation target. This study makes use of the considerable cross-country and...