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Partial wage indexation with real shocks |
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| Authors: | Leif Danziger |
| Affiliation: | Cornell University, Ithaca, NY 14853, USA |
| Abstract: | This note analyzes wage indexation from a macroeconomic viewpoint. Its purpose is to examine when wage indexation should be partial in the presence of real shocks, and it shows how the conditions for this to be the case depend on the aggregate production function, the income velocity of money, and the labor supply. |
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