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Sugli effetti salariali e distributivi delle crisi dei regimi di cambio


  • Emiliano Brancaccio

    () (Università del Sannio - Dipartimento di Diritto, Economia, Management e Metodi Quantitativi.)

  • Nadia Garbellini

    () (Università di Bergamo - Dipartimento di Ingegneria)


The present paper investigates 28 episodes of transition from a fixed to a relatively more flexible exchange rate regime, taking place together with a depreciation of the national currency by more than 25% with respect to the US dollar, in the time period between 1980 and 2013. On average, the exchange regime crises examined emerge as being positively correlated to reductions in real wages and wage shares. However, any assessment of the relations between exchange regimes and distributive dynamics should proceed by comparing the possible implications of a regime shift to the effects of keeping the current one.

Suggested Citation

  • Emiliano Brancaccio & Nadia Garbellini, 2014. "Sugli effetti salariali e distributivi delle crisi dei regimi di cambio," Rivista di Politica Economica, SIPI Spa, issue 3, pages 305-328, July-Sept.
  • Handle: RePEc:rpo:ripoec:y:2014:i:3:p:305-328

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    Blog mentions

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    1. Le plan C, ou « Splendeurs et misères de la gauche européenne »
      by Alberto Bagnai in Goofynomics on 2015-11-07 23:07:00

    More about this item


    currency regime crisis; euro; real wage; wage share.;

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • F30 - International Economics - - International Finance - - - General
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General


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