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. Our results show that given the current degree of openness of the US and euro area economies, the gains from monetary …
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of wages of newly hired workers. The evidence suggests that external labour market conditions are less important than … market slack. When explaining their choice firms allude to fairness considerations and the need to prevent a potential …
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) model for the United States (US) and the euro area (EA). The main features of the new open economy macroeconomics (NOEM) are …
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Almost two decades after the introduction of the common currency, differences in institutional frameworks remain a major source of cross-country heterogeneity in the eurozone. We develop a two-country model with incomplete international markets in which the availability of credit depends on the...
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