Sticky Wages in a Full Employment Monetary Economy with Efficient Risk Sharing
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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|Date of creation:||2000|
|Date of revision:|
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