Relative Wage Concern and the Keynesian Contract Multiplier
Recent 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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|Date of creation:||1999|
|Date of revision:|
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