This paper examines the effect of monopolistic labour unions' behaviour on governments' incentives to undertake labour market reform, inside and outside a symmetric and an asymmetric monetary union (MU). Incentives for reform are increased inside the MU when governments and labour unions move...

The cyclical situation at the beginning of the European Monetary Union (EMU) is favorable: The upswing in Euroland has firmed, unemployment is going down, and inflation is low. However, economic growth outside the new currency area has weakened significantly during 1998, and fears are mounting...

Post Keynesian theory as opposed to Walrasian theory does not provide the foundations for a unique general equilibrium but claims the existence of multiple equilibrium positions. In this article, such a multiple of equilibrium positions is explained by different market constellations which are...