It is often argued that the EMS is an effective disciplinary device for inflation-prone countries in the EEC, since it …-makers in high-inflation countries: the reason is that not only it attaches an extra penalty to inflation (in terms of … inflationary finance, we find that they will always prefer EMS membership. When the policy-maker needs revenue from the inflation …

dynamics of employment and unemployment in order to identify key issues for the sources of the malfunctioning of these labour … passive labour market policies, and the structure of employment and output. …

This Paper studies the role played by distribution costs in shaping the behaviour of the real exchange rate during … exchange-rate-based stabilizations. We document that distribution costs are very large for the average consumer good: the … represent more than 40% of the retail price in the US and 60% of the retail price in Argentina. Distribution services require …

A democratic society in which the distribution of wealth is unequal elects political parties which tend to represent … the interests of the poor. The clientele of such governments favour unanticipated inflation taxes to erode the real value … of debt service and redistribute income from the rich to the poor. Consequently, inequality sows the seeds for inflation …

focus on the control of the voting of agricultural workers by landlords and show that if the employment relationship is …

This Paper studies the impact of wage growth on the evolution of employment in an intertemporal general … is the common growth rate of consumption, demand, and output. In these steady-state equilibria employment contracts at a … equality of wage growth and productivity growth is a condition for constant employment. …