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Monetary Shocks with Nominal Wage Stickiness and Variable Effort

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  • Frank Walsh

    (University College Dublin)

Abstract

Wallers (1989) model which incorporates an effort augmented production function into a traditional Keynesian analysis of supply and demand shocks is generalised by not restricting the elasticity of substitution between effort and employment to be unity. This significantly changes the results in that unanticipated monetary shocks will affect output and indexing real wages will increase the variation of output in response to supply shocks. Involuntary unemployment is not necessary for demand shocks to affect employment and output in this model.

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File URL: http://www.ucd.ie/economics/research/papers/2000/WP00.24.pdf
File Function: First version, 2000
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Bibliographic Info

Paper provided by School Of Economics, University College Dublin in its series Working Papers with number 200024.

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Length: 13 pages
Date of creation: 19 Nov 2000
Date of revision:
Handle: RePEc:ucn:wpaper:200024

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  1. Gray, Jo Anna, 1976. "Wage indexation: A macroeconomic approach," Journal of Monetary Economics, Elsevier, vol. 2(2), pages 221-235, April.
  2. Solow, Robert M., 1979. "Another possible source of wage stickiness," Journal of Macroeconomics, Elsevier, vol. 1(1), pages 79-82.
  3. Waller, Christopher J., 1989. "Efficiency wages, wage indexation and macroeconomic stabilization," Economics Letters, Elsevier, vol. 30(2), pages 125-128, August.
  4. Faria, Joao Ricardo, 2000. "Supervision and effort in an intertemporal efficiency wage model: the role of the Solow condition," Economics Letters, Elsevier, vol. 67(1), pages 93-98, April.
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