Graham, Liam; Snower, Dennis J. - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2008
productivity growth and the de-
gree of imperfect competition, while cyclical unemployment depends on demand-
side factors such as … hyperbolic preferences and face
staggered nominal wage contracts, in�ation (via money growth) has signi�cant
long run e�ects on … cycling
(�rms substituting towards labor with relatively low real wages) is ine� cient, the
productivity of labor falls …