Calmfors, Lars; Johansson, Åsa - 2002
Membership in a monetary union implies stronger incentives for nominal wage flexibility in the form of wage indexation … and shorter contract length than nonmembership. For example, entry into a monetary union may cause a move from a non-indexation … to an indexation equilibrium. But more wage flexibility is only an imperfect substitute for an own monetary policy. It is …