ECB paper highlights differences in EU real wage flexibility
A European Central Bank paper published on Tuesday shows that real wage flexibility is higher in Central and Eastern European countries than in those in the euro area.
Frigyes Ferdinand Heinz and Desislava Rusinova, the paper's authors, use a Phillips curve panel framework to estimate the degree of real wage flexibility in 19 European Union countries and how real wages vary depending the cyclical position of an economy, labour market institutions and the level of inflation.
The authors note that
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