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This paper analyses how adjustment dynamics, in an environment with some degree of price and wage rigidity, may create and strengthen asymmetric developments in a monetary union. It presents a simple illustrative model of adjustment dynamics that reproduces quite nicely actual developments in...
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southern peripheral economies, Spain, Portugal and Greece, over the long run but specifically in the nineties. It then relates … output and accelerating growth in productivity. Ireland excelled in many respects and some Nordic European countries … decade for Europe as compared to the eighties as well as to the USA. This article investigates the performances of the three …
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