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...

Whenever researchers contemplate constructing knowledge from practice and managers experience, they are faced with a number of questions which have not yet been satisfactorily answered in the literature. Although the gap between academia and practice has already been addressed by some scholars,...