nominal unit labour costs and the price level is strong for almost all OECD countries, at levels above 0.8. The clear policy … conclusion is to make wages and the nominal exchange rate anchors for the price level, which implies that nominal wages should …

We analyze various determinants of the average price level using a strictly mathematical approach. Starting with the … average price level in a simple partial market equilibrium model. Then, we discuss the effect of supply shifters such as the … interest rate, and the average price level, while the effect of imports is just the opposite. Government spending raises the …

towards the inclusivity of political and economic institutions, applying a flexible price-level targeting can be considered. …