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adopt analysis Appendix Applying contract wage country experiencing demand disturbances demand for labor demand shocks denotes domestic labor domestic producers domestic workers easy to verify effective labor effective supply employ foreign workers exchange rate changes exchange rate regime exchange rate system expected employment expected GNP expected output factor mobility FIX(c fixed and flexible fixed exchange rate flexible exchange rate formal model Friedman full employment level home economy increase the integration infer labor employed labor input labor market labor mobility labor to move labor will move marginal contribution market equilibrium condition maximize Milton Friedman mobility of labor monetary shocks money market equilibrium optimum currency area polar extreme presence of productivity price level producer will employ product of labor production function productivity shocks real wage reallocate labor reduce the volatility regions of labor Robert Mundell shock h stabilizing employment summarize supply of labor supply of money variance of employment volatility of employment