Relative Wage Concern and the Keynesian Contract Multiplier
AbstractRecent quantitative dynamic general equilibrium models have cast serious doubts on the explanatory power of staggered wage/price setting in accounting for both output and inflation persistence. The authors enlarge a dynamic general equilibrium model with staggered wages by incorporating Keynesian relative wage concern on the part of workers.
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Bibliographic InfoPaper provided by European University Institute in its series Economics Working Papers with number eco99/5.
Length: 49 pages
Date of creation: 1999
Date of revision:
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WAGES ; EMPLOYMENT ; BUSINESS CYCLES;
Find related papers by JEL classification:
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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