that this is sufficient to increase both, output and inflation persistence …

contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high … incomes experience guilt. The former seek to raise their income, and the latter seek to reduce it. The greater the inflation … empirical evidence, a rise in the inflation rate leads workers to supply more labor over the contract period, generating a …

A growing body of empirical evidence shows that there exists a long-run positive tradeoff between inflation and real … between inflation and output. …