Sacrifice Ratios: Some lessons from EMU countries, 1960-2001
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.
Volume (Year): 17 (2003)
Issue (Month): 3 ()
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