We study the output costs of a reduction in monetary growth in a dynamic general equilibrium model with staggered wages. The money wage is fixed for two periods, and is chosen according to intertemporal optimisation. Agents have labour market monopoly power. We show that the introduction of...

We study the output costs of a reduction in monetary growth in a dynamic general equilibrium model with staggered wages. The money wage is fixed for two periods, and is chosen according to intertemporal optimisation. Agents have labour market monopoly power. We show that the introduction of...

Vocational training programmes, like South Africa's learnership programme, which combine classroom learning and on-the-job training seem like the type of intervention which can create skills, get young people into jobs quicker, and reduce youth unemployment. This paper uses a longitudinal...