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Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables...
Persistent link: https://www.econbiz.de/10005859701
This paper analyses theoretically and empirically how employment subsidies should betargeted. We contrast measures involving targeting workers with low incomes/abilities andtargeting the unemployed under the criteria of "approximate welfare efficiency" (AWE)...
Persistent link: https://www.econbiz.de/10005862794