Wage Contracts and the Unit Root Hypothesis
A model in which nominal wages are set by contracts that have cost-of-living objectives is likely to be consistent with the evidence of a unit root in the real GNP process of many countries. Values of the autoregressive root in the GNP process are calculated numerically for many countries using evidence available on the conduct of monetary policy and on the determination of inflation.
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Volume (Year): 23 (1990)
Issue (Month): 3 (August)
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