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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...
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Danish Abstract: Til trods for ekspansiv pengepolitik, med negative renter og kvantitative lempelser (QE), er den europæiske økonomi fanget i en situation med deflationært pres og lav vækst. En overset forklaring på pengepolitikkens ineffektivitet er, at den teknologiske udvikling og...
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