@TechReport{iza:izadps:dp8701, author={Andini, Corrado}, title={Fixed Exchange-Rate Policy and Real Wage Growth: Quasi-Experimental Evidence}, year={2014}, month={Dec}, institution={Institute of Labor Economics (IZA)}, address={Bonn}, type={IZA Discussion Paper}, number={8701}, url={https://www.iza.org/index.php/publications/dp8701}, abstract={Using Difference-in-Differences estimation and data from the European Community Household Panel, this paper suggests that the fixed exchange-rate policy adopted by Italy in the 1997-2000 period has reduced the real hourly wage growth of Italian full-time workers with permanent contracts, on average, by 3%. Yet, the cost of the policy has been ultimately paid by the private sector where real wage growth has decreased by 5.4%.}, keywords={difference-in-differences;productivity;wages}, }