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Sticky wages, efficiency wages, and market processes

✍ Scribed by Don Bellante


Publisher
Springer US
Year
1994
Tongue
English
Weight
932 KB
Volume
8
Category
Article
ISSN
0889-3047

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This paper provides estimates of an optimization-based equilibrium model with sticky prices and wages. The estimated model is used to analyse the welfare properties of various interest rate rules for conducting monetary policy. An important feature of this model is that it involves a tradeo between