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F H Hahn R M Solow
A J Oswald
A Lindbeck D J Snower
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adjustment aggregate demand American Economic Review analysis assume assumption bargaining behaviour coefficient competitive decisions defined demand for labour disinflation dynamics effect efficiency wage employers entrants excess demand excess supply expected Figure firm firm's fixed full employment gain-sharing given hiring imperfect competition implicit contract incentive income incomes policies increase indexation inflation insider wage involuntary unemployment Keynes Keynesian labour demand labour market labour share lay-offs by seniority long-run equilibrium macroeconomic marginal revenue maximise measure Monopolistic competition Nash equilibrium nominal wage nominal-wage OPEC output paper pay parameters period Phillips curve price level product of labour profit-sharing economy profit-sharing system profits real pay real wage rate real-wage relationship relative reservation wage result rise sector short-run Solow strike threat supply of labour supply shock theory of wage unemployed unemployment rate utility function variables wage economy wage equation wage flexibility wage rigidity wage system wage-setting wages and prices Weitzman