Relative Prices in Monetary Union and Floating
研究小型开放经济中，货币联盟与浮动汇率制度如何影响可贸易与不可贸易部门的相对价格、实际工资和就业，对理解欧元区成员国经济差异有参考价值。
The setting is a small open economy with an open sector and a sheltered sector. If the unions that operate in each sector coordinate their wage claims within the sector, the choice of monetary regime—monetary union or floating with an inflation target—affects the relative prices of tradables and non–tradables as well as real wages and employment. EMU membership results in lower prices of tradable goods and lower relative wages in the open sector, while opposite results hold for sheltered sector prices and wages.