Macroeconomics and the wage bargain: a modern approach to employment, inflation, and the exchange rate
This intermediate-level text concentrates on new macroeconomic analysis and is one of the first to focus on labor markets. Presenting a neo-Keynesian treatment of macroeconomics, whose use of wage bargaining and price setting under imperfect conditions make product and labor assumptionscloser to the real world, the authors look at important applied work on unemployment, inflation, and external balances. They make available for the first time to undergraduates and non-specialists current literature on major questions of economic policy and performance, especially in WesternEurope.
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Introduction Inflation and Unemployment in Contemporary
Keyness Model of Employment
17 other sections not shown
adaptive expectations adjustment aggregate demand analysis assume assumption bargained real wage behaviour bonds changes classical model classical unemployment constant inflation consumption devaluation domestic effect employers equal equation exchange market exchange rate expectations expected inflation exports fall firms fiscal policy fixed exchange rates foreign exchange market full employment function government spending hence hysteresis imperfect competition model implies incomes policy increase indifference curves interest rate investment ISXM Keynes Keynes's model Keynesian labour market level of employment level of output liquidity trap long-run lower macroeconomic marginal product mark-up market equilibrium monetary policy money supply money wages NAIRU natural rate open economy output and employment period price inflation price level price-determined real wage price-setting product of labour rate of unemployment rational expectations real money supply real wage curve reduce result shift short-run Phillips curve stylized facts trade balance trade deficit unemployed union wage-setting wages and prices workers