We study a full employment monetary economy, where labor is allocated through contracts. We generalize and extend the sticky wage result of Rogerson an Wright. Our model is different from theirs in two respects. Labor is devisible, and hence unemployment is not possible in our model. And in addition to nominal uncertainty we allow real uncertainty.
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Length: 9 pages Date of creation: 2000 Date of revision: Handle: RePEc:fth:helsec:496
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Find related papers by JEL classification: J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General