Christoffel, Kai; Costain, James; Walque, Gregory de; … - Banco de España - 2009
monetary transmission mechanism in the euro area. In particular, we assess right-to-manage vs. efficient bargaining, flexible …-specific labour imply a sufficient degree of real rigidity, and so can reproduce inflation dynamics well. However, they imply too … little real rigidity and, so, too volatile inflation, owing to strong responses of marginal wages and hours per employee …