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Sticky Wages in a Full Employment Monetary Economy with Efficient Risk Sharing

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  • Puhakka, M.

Abstract

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.

Suggested Citation

  • Puhakka, M., 2000. "Sticky Wages in a Full Employment Monetary Economy with Efficient Risk Sharing," University of Helsinki, Department of Economics 496, Department of Economics.
  • Handle: RePEc:fth:helsec:496
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    References listed on IDEAS

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    More about this item

    Keywords

    WAGES ; RISK ; CONTRACTS;

    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

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