- Abstract
- Non-technical summary
- 1 Introduction
- 2 The case of national monetary policy
- 3 A currency union with trade unions caringabout national prices
- 4 The effects of unions that care aboutnational prices: Two specifi c cases
- 4.1 A monetary union betweenidentical countries
- 4.2 A monetary union between heterogeneouscountries that do not care about infl ation
- 5 Simulations for the general case
- 6 Welfare analysis
- 7 Conclusion
- Appendix
- References
- Tables and fi gures
- European Central Bank Working Paper Series
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