7 pages matching taking the nominal in this book
Results 1-3 of 7
What people are saying - Write a review
We haven't found any reviews in the usual places.
aggregate real wage Appendix approximation log atomistic central bank concerned with inflation Cukierman and Lippi decreasing demand with respect difference between NWB discretionary monetary policy duij effects on real elasticity of labor elasticity under NWB Equation 3.1 equilibrium inflation equilibrium level equilibrium outcomes expression Guzzo and Velasco hyper-inflation impact effect impact of Wj impact on inflation implies increase in Wj increases inflation inflation and employment inflation aversion log Wj maximized nominal wage bargaining nominal wage growth non-neutrality number of channels number of unions NWB and RWB obtained by Cukierman occurs in terms optimal level order condition partial derivative populist CB populist central banker reaction function real wage bargaining reduces the real relative wage term shows single union symmetric equilibrium taking the nominal terms of nominal union perceives union's real wage unions as given unit increase wage setting wages of union yields zero