theory of optimum currency areas. We show that the asymmetric shock of the German unification can be seen not only as the …

allocative efficiency and apply our results to the implicit transfers generated by a potential European unemployment benefit … consumption as well as unemployment differentials. Following supply shocks, however, the cross-country transfer embodied in the … unemployment benefits is spent to a large degree on relatively inefficiently produced goods in the receiving countries. This …

This paper provides an empirical investigation of the wage, price and unemployment dynamics that have taken place in … to lead to increasing unemployment, slowdown in productivity growth, higher interest rates, and loss of competitiveness … ; nominal and real convergence ; unemployment dynamics ; purchasing power parity ; cointegrated VAR …