<title>Abstract</title> This paper presents a classroom exercise for an introductory economics course that allows students to discover the economic and social impacts of working for minimum wages. Students are asked to estimate a budget necessary for both a desirable and sustainable standard of living for...

This paper argues that the low inflation during the Great Moderation had distributional biases and partly resulted from institutional shifts that depressed workers’ bargaining power and thus wage increases. The hypothesis is tested in multiple Phillips curve models using the cost of job loss...