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Average Fiscal Deficit 19701994 and Real Wage Rigidity
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adjustment aggressive wage policy asymmetric shocks augmented Dickey-Fuller tests Belgium Bundesbank Calmfors currency risk degree of real degree of real-wage Denmark denotes effects on real EMU member countries endogenous Euro expansionary fiscal policies Finland fiscal deficits fiscal federalism fixed exchange rate flexible real wages France Germany government debt Grauwe Hence idiosyncratic shocks impulse response function income correlation integrated of order Italy labor market reforms Layard level of government Lira Maastricht criteria Maastricht Treaty membership in EMU monetary base monetary policy monetary unions national currencies Netherlands Pact for Stability participate in EMU percent level policy instrument push/labor supply shocks real wage flexibility real wage rigidity Response of g restricted rigid real wages significant Spain speculative attack Stability and Growth stability of EMU stationary stay in EMU SVAR Sweden transition phase two-handed approach unit root tests United Kingdom wage equation wage push/labor supply wage setters wage shocks whereas