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Exchange rate and wage policies in Central and Eastern Europe
Authors:Gunther Schnabl  Christina Ziegler  
Institution:a Leipzig University, Institute for Economic Policy, Grimmaische Straße 12, 04109 Leipzig, Germany;b Ifo Institute of Economic Research, Munich, Germany
Abstract:After the eastern enlargement of the European Union (EU) and due to increasing labor market integration, wage determination in Central and Eastern Europe (CEE) has become a key issue in European economic policy making. In addition, a controversial discussion concerning the monetary integration of CEE countries into the EMU has emerged. Both issues have earned particular academic and political interest because Eastern and Western Europe are at different stages of economic development and volatile international capital flows seem to require either a higher degree of wage or exchange rate flexibility. Based on the Scandinavian model of wage adjustment by Lindbeck (1979), we analyze the role of exchange rates in the wage determination process of the Central and Eastern European countries to identify which exchange rate strategy contributes to faster wage convergence in Europe. Panel estimations suggest that workers in countries with fixed exchange rates are likely to benefit in the long run from higher wage increases.
Keywords:Wage policy  Labor markets  Exchange rate regime  Central and Eastern Europe
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