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274 Unemployment and Monetary Policy in the European Union
percent of the years, the alternative gives a smaller estimate. But on the whole
one can conclude that the exercise in this Appendix does not fundamentally
change the conclusion in the text that the job effect explains the bulk of the change
in unemployment.
Note
1. With the only exception of 1993, which seems due to the exceptionally low German rate, which
in turn may well reflect an underestimation of the rise in inflation.
References
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Modigliani, F., 1972, “International Capital Movements, Fixed Parities, and Monetary and Fiscal Policies,”
in: Development and Planning: Essays in Honor of Paul Rosenstein-Rodan, London, George
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