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Relative Wage Variability: Monetary Policy and the Labor Market

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  • Martin B. Schmidt

    ()
    (Department of Economics, Portland State University)

Abstract

By explicitly examining the symmetry assumption implicit in much of the efficiency wage literature, a plausible supply-side link between monetary policy and worker productivity is introduced. Specifically, if relative wages influence worker behavior asymmetrically and monetary policy alters relative wages, then monetary policy may ultimately affect productivity. The paper reports evidence consistent with both linkages and, therefore, the monetary authority should concern itself not only with demand-side implications, but also with the additional supply-side consideration.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume26/V26N4P439_454.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 26 (2000)
Issue (Month): 4 (Fall)
Pages: 439-454

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Handle: RePEc:eej:eeconj:v:26:y:2000:i:4:p:439-454

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Related research

Keywords: Efficiency Wage; Labor Markets; Monetary Policy; Monetary; Policy; Supply; Wage;

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Cited by:
  1. Thomas J. Carter, 2005. "Monetary Policy, Efficiency Wages, and Nominal Wage Rigidities," Eastern Economic Journal, Eastern Economic Association, Eastern Economic Association, vol. 31(3), pages 349-359, Summer.

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