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We develop a model which shows that wages, prices and real income should grow faster in countries with low increase in their labour force. If not, other countries experience growing unemployment and/or trade deficit. This result is applied to the case of Germany, which has displayed a...
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This paper provides an empirical investigation into the determinants and stability of the aggregate wage inflation … Phillips curve model that links wage growth to its past values as well as to the unemployment rate, price inflation, labor … that any recent shift in the inflation-unemployment relationship reflects developments outside the labor market. …
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