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Sacrifice Ratios: Some lessons from EMU countries, 1960-2001

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  • Juncal Cunnado
  • Fernando PErez De Gracia

Abstract

This paper estimates the sacrifice ratios based on the Phillips curve. Using annual data, we estimate individual and common sacrifice ratios for EMU countries. In addition, we test whether the sacrifice ratio is stable for the whole period, which includes years of both high and low inflation rates, such as those observed after the European integration.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Review of Applied Economics.

Volume (Year): 17 (2003)
Issue (Month): 3 ()
Pages: 327-337

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Handle: RePEc:taf:irapec:v:17:y:2003:i:3:p:327-337

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  19. Jordan, Thomas J., 1999. "Central bank independence and the sacrifice ratio," European Journal of Political Economy, Elsevier, vol. 15(2), pages 229-255, June.
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Cited by:
  1. Jean-Jacques Durand & Marilyne Huchet-Bourdon & Julien Licheron, 2008. "Sacrifice ratio dispersion within the Euro Zone: what can be learned about implementing a single monetary policy?," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(5), pages 601-621.
  2. Ascari, Guido & Ropele, Tiziano, 2012. "Disinflation in a DSGE perspective: Sacrifice ratio or welfare gain ratio?," Journal of Economic Dynamics and Control, Elsevier, vol. 36(2), pages 169-182.

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