(EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner's model, monetary … national business cycles which, in turn, leads to higher unemployment risk. In order to counter-balance this effect, trade … unions lower their claims for wage mark-ups resulting in lower wage growth and lower unemployment. This paper uses …

; unemployment ; wages … (EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner's model, monetary … national business cycles which, in turn, leads to higher unemployment risk. In order to counter-balance this effect, trade …