How are wages set in an open economy? What role is played by demand pressure, international competition, and structural factors in the labour market? How important is nominal wage rigidity and exchange rate policy for the evolution of real wages and competitiveness? To answer these questions, we...

After presenting the institutional construction during the pre-accession and post-accession to the Economic and Monetary Union (EMU), the exchange rate mechanisms (ERM) in several countries and the convergence criteria, we go on with a brief analysis of the way the CEE countries cope with the...

Findings from previous studies indicate that the long-run stationarity of the real exchange rate in different time horizons remains unclear. In order to shed light on this problem, we have adopted a new method which is widely used to analyze signals, the so-called wavelet transformation. This...