In previous studies concerning short- and long-run relationships for price-wage models, the cointegration analysis has been developed assuming the existence of a unique cointegration parametrisation. These empirical results reveal the presence of significant relationships, both in the short and...

Inflation in Central and East European countries varied considerably over the transition phase, and econometric relationships between prices, money, wages and exchange rates are said to have been unstable during this period. In order to shed some light on the issue, this paper analyses some...

In this paper we analyse the wage-price relationship of an economy in transition characterized by important structural changes. It is known (see Perron, 1989) that structural breaks in stationary time series can induce apparent unit roots. The stationarity analysis of the series employed in the...

The aim of the paper is to model the impact of exchange rate on both inflation and unemployment variables in economies which are characterized by important structural changes, i.e., a transition phase moving from centralized economies towards market economies. This phenomenon, which is common to...

This paper aims at the provision of applicable recommendations for institutions and actors involved regarding the EMU accession process both in CEE and in the eurozone. In order to provide topical advice, the first part, on markets, will concentrate on theory and empirics of labour markets,...

Online appendix for the Review of Economic Dynamics article