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This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both country-specific and aggregate shocks. The implications of asymmetries for...

In Denmark the most frequent means of payment are cash and dankort. A survey study of Danish payment behaviour reveals that older citizens as well as low-income groups in particular prefer cash. A recent change in Danish surcharge regulation permits retailers to charge a fee when receiving...