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Informational Unemployment and WagePrice Dynamics
Macroequilibrium Inflation Expectations and
Social Factors in Unemployment Determination
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actual inflation rate adaptive expectations aggregate demand allocative allocative efficiency amount anticipated inflation rate assumption average behavior capital central bank Chapter consumption countries discount disequilibrium earning assets economists effect efficiency equilibrium unemployment rate exchange rate expected inflation rate expected rate fiat money firms foreign frictions future gain gold hence holding households increase of aggregate inflation policy inflation tax inside money investment labor market leisure less macroeconomic macroequilibrium ment rate monetary policy monetization money interest rate money supply money wage rates natural level natural rate natural-rate hypothesis nominal interest rates nonpoor opportunity cost optimal inflation optimum output percent Phillips Curve poor price and wage price level quantity rate of inflation rate of interest rate of return rate of unemployment real rate real value real wage rates rest point rise seigniorage stabilization tax rate tend theory tion unemploy unemployment reduction unexpected union workers zero