• Abstract
  • Non-technical summary
  • 1 Introduction
  • 2 A macroeconomic model for wagesand prices in an open economy
  • 3 The data
  • 4 Econometric analysis
  • 4.1 Full-system cointegration analysis
  • 4.2 Identication of the wageand price equations
  • 5 Structural analysis
  • 5.1 Identifi cation of the structural shocks
  • 5.2 Wage and price dynamics
  • 5.3 Sources of wage and prices fl uctuations
  • 6 Accounting for the main differences betweenthe US and the EA: some robustness checks
  • 7 Conclusions
  • References
  • Tables and fi gures
  • European Central Bank Working Paper Series