Series: IMF Working Papers
Author(s): Igor Lebrun , and Esther Perez Ruiz
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 May 2011
Keywords: Relative real unit labor costs, capital-output ratio, labor and product market institutions, EMU, labor costs, labor market, intermediate inputs, product market, Aggregate Factor Income Distribution, Prices
Real unit labor costs (RULC) growth differentials between euro area members have persisted since EMU began and even widened out in the run-up to the crisis. This paper focuses on the causes underlying such dispersi...