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In recent time it has been argued that Germanys international competitiveness had suffered more from the strong D-Mark than from the national wage level. As a proof it has been pointed to the relative impact of these two factors on the level of German unit labour costs, measured in terms of international currency.

zeitschrift für wirtschaftspolitik

Löhne, Wechselkurse und Beschäftigung: Zur Aussagekraft von Lohnstückkosten und realen Wechselkursen als Beurteilungsmaßstab für die nationale Lohnpolitik