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rigidity makes the economy prone to involuntary unemployment during external crises. This paper presents a graphical analysis …
Persistent link: https://www.econbiz.de/10012460567
rigidity makes the economy prone to involuntary unemployment during external crises. This paper presents a graphical analysis …
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This paper studies the relationship between financial structure and the welfare consequences of fixed exchange rate regimes in small open emerging economies with downward nominal wage rigidity. The paper presents two surprising results. First, a pegging economy might be better off with a closed...
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