{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,29]],"date-time":"2026-01-29T17:01:34Z","timestamp":1769706094451,"version":"3.49.0"},"reference-count":27,"publisher":"Emerald","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2026,1,29]]},"abstract":"<jats:sec>\n                    <jats:title>Purpose<\/jats:title>\n                    <jats:p>The paper deals with a classical topic in international macroeconomics and finance: to what extent exchange-rate policies affect domestic macroeconomic outcomes. In particular, it studies whether a fixed exchange-rate policy is likely to impoverish resident wage earners in the private sector of a unionized economy, as suggested by earlier research on the labor-market effects of exchange-rate stability.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Design\/methodology\/approach<\/jats:title>\n                    <jats:p>Worker-level data from the European Community Household Panel are used to provide novel quasi-experimental evidence on the labor-market effects of exchange-rate stability as well as to perform a robustness analysis of earlier research on the topic, including a falsification exercise.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Findings<\/jats:title>\n                    <jats:p>Earlier research seems robust to confounding factors as well as to endogeneity and anticipation issues. Yet, a deeper statistical analysis reveals that the treatment effect of exchange-rate stability on wages is driven by both year and quantile parameter heterogeneity.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Research limitations\/implications<\/jats:title>\n                    <jats:p>Exchange-rate stability affects both the location and the shape of the conditional wage distribution in the private sector of a unionized economy.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Practical implications<\/jats:title>\n                    <jats:p>A fixed exchange-rate policy reduces the mean of the conditional wage distribution in the private sector of a unionized economy in the years following the contract renewals that occur under the policy.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Social implications<\/jats:title>\n                    <jats:p>A fixed exchange-rate policy increases the dispersion of the conditional wage distribution in the private sector of a unionized economy as workers located at lower quantiles are more penalized than those located at upper quantiles.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Originality\/value<\/jats:title>\n                    <jats:p>To the best of our knowledge, this paper is the first that performs a falsification exercise with worker-level data in the field of international macroeconomics and finance. It is also the first paper in the field that uses worker-level data to uncover year and quantile parameter heterogeneity in the treatment effect of exchange-rate stability on wages.<\/jats:p>\n                  <\/jats:sec>","DOI":"10.1108\/jes-07-2024-0469","type":"journal-article","created":{"date-parts":[[2025,4,16]],"date-time":"2025-04-16T02:34:41Z","timestamp":1744770881000},"page":"401-416","source":"Crossref","is-referenced-by-count":0,"title":["Exchange-rate stability as a trade union\u2019s discipline device"],"prefix":"10.1108","volume":"53","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-4303-9402","authenticated-orcid":true,"given":"Corrado","family":"Andini","sequence":"first","affiliation":[{"name":"University of Madeira , ,","place":["Funchal, Portugal"]},{"name":"Sapienza University of Rome , ,","place":["Rome, 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