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"The paper opens the neoclassical growth model to unemployment and inflation and solves for steady-state equilibrium rates of growth and interest. A price equation is dervied from profit maximization and includes the wage expectations of the entrepreneurs. A wage equation is based on the Phillips function and includes the price expectations of labor. A price-wage equilibrium is defined as self-fulfilling expectations. The existence and the properties of such an equilibrium are examined. Policy conclusions are drawn. Finally, the paper determines the extent to which Wiksellian, Keynesian, and monetarist ideas may coexist in neoclassical growth."
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1
The price-wage spiral
1979, College of Commerce and Business Administration, University of Illinois at Urbana-Champaign
in English
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2
The price-wage spiral
1979, College of Commerce and Business Administration, University of Illinois at Urbana-Champaign
in English
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Libraries near you:
WorldCat
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Book Details
Published in
[Urbana, Ill.]
Edition Notes
Includes bibliographical references (leaves 44-45).
In English with summary in German and English.
The Physical Object
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Feedback?October 8, 2017 | Edited by MARC Bot | merge duplicate works of 'The price-wage spiral' |
July 15, 2011 | Created by ImportBot | import new book |