Wage Contracts, Capital Mobility, and Macroeconomic Policy

Wage Contracts, Capital Mobility, and Macroeconomic Policy
This paper examines the long-run effects of macroeconomic policy shocks on the behavior of output, inflation, real wages and the real exchange rate in a small open economy. The analysis is based on a two-sector, three-good optimizing model with imperfect capital mobility, nominal wage contracts with backward- or forward-looking price... READ MORE...

Publication date: January 1995
ISBN 9781451842647
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