Pfister, C. - In: Quarterly selection of articles - Bulletin de la Banque … (2007) 10, pp. 79-93
In the euro area, nominal wage rigidities and the speed of disinflationary policy seem to be determinants of the “sacrifice ratio”. In France, wage changes are fairly frequent but largely predetermined, which creates rigidity; by contrast, they seem to be governed more by in-house agreements...