Showing 1 - 10 of 11
Determinacy of equilibrium under the original, the backward-looking, the forward-looking and the hybrid Phillips curves is examined. If the monetary authority keeps the nominal money stock to be constant, the equilibrium path is always determinate under the original Phillips curve and the...
Persistent link: https://www.econbiz.de/10003644964
We formulate nominal wage adjustment by incorporating various concepts of fairness. By applying it into a continuous-time money-in-utility model we examine macroeconomic dynamics with and without a liquidity trap and obtain the condition for persistent unemployment, and that for temporary...
Persistent link: https://www.econbiz.de/10014200962
We formulate nominal wage adjustment by incorporating various concepts of fairness. By applying it into a continuous-time money-in-utility model we examine macroeconomic dynamics with and without a liquidity trap and obtain the condition for persistent unemployment, and that for temporary...
Persistent link: https://www.econbiz.de/10003921842
Determinacy of equilibrium under the original, the backward-looking, the forward-looking and the hybrid Phillips curves is examined. If the monetary authority keeps the nominal money stock to be constant, the equilibrium path is always determinate under the original Phillips curve and the...
Persistent link: https://www.econbiz.de/10012725459
Persistent link: https://www.econbiz.de/10011969168
Persistent link: https://www.econbiz.de/10014250566
Using a dynamic efficiency wage model, where a Phillips curve appears because worker morale depends on the unemployment rate and a change in nominal wages, we analyze the effects of fiscal and monetary expansions and of an employment subsidy on unemployment in two steady states. In one steady...
Persistent link: https://www.econbiz.de/10014158418
Using a money-in-the-utility-function model, we present long-run stagnation where insatiable demand for money secularly causes deficient aggregate demand and thereby unemployment in the presence of nominal wage stickiness attributable to union wage setting. In this long-run stagnation, generous...
Persistent link: https://www.econbiz.de/10012989163
Using a dynamic efficiency wage model where a Phillips curve relationship arises because worker morale depends on the unemployment rate and the change in nominal wages, we analyze both structural and Keynesian unemployment and the effects of an employment subsidy on the two types of...
Persistent link: https://www.econbiz.de/10013044769
We formulate nominal wage adjustment by incorporating various concepts of fairness. By applying it into a continuous-time money-in-utility model we examine macroeconomic dynamics with and without a liquidity trap and obtain the condition for persistent unemployment, and that for temporary...
Persistent link: https://www.econbiz.de/10010332224