highlights the fact that high exchange rate volatility may as well signal high costs for labor markets. The impact of exchange … rate volatility on labor markets in the CEECs is analyzed, finding that volatility vis?- vis the euro significantly lowers … employment growth. Hence, the elimination of exchange rate volatility could be considered as a substitute for a removal of …

. At the end of our estimation period, the previous exchange rate movements had shifted the upper bound of the play area to …

of our estimation period, the previous exchange rate movements had shifted the upper bound of the play area to about 1 …

euro. At the end of our estimation period, the previous exchange rate movements had shifted the upper bound of the play …