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This paper compares relative unit labour cost developments in the countries of the euro-area since the beginning of the European Monetary Union (EMU) both with historical developments and with intra-regional unit labour cost developments in the United States of America and Germany. To this end,...
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inflation-free euro plays a crucial role for European economic and political integration. We conclude that monetary policy must … keep a very close eye on money supply if it wants to prevent consumer and/or asset price inflation. …
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