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

  • Juncal Cunnado
  • Fernando PErez De Gracia

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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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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  2. King, Robert G. & Watson, Mark W., 1994. "The post-war U.S. phillips curve: a revisionist econometric history," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 41(1), pages 157-219, December.
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  18. 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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  20. Edmund S. Phelps, 1968. "Money-Wage Dynamics and Labor-Market Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 76, pages 678.
  21. Cecchetti, Stephen G & Rich, Robert W, 2001. "Structural Estimates of the U.S. Sacrifice Ratio," Journal of Business & Economic Statistics, American Statistical Association, vol. 19(4), pages 416-27, October.
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