Long-Run Impact of Increased Wage Pressure
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Long-Run Impact of Increased Wage Pressure. / Hansen, Claus Thustrup.
I: Journal of Economics, Bind 69, Nr. 2, 1999, s. 141-157.Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt
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TY - JOUR
T1 - Long-Run Impact of Increased Wage Pressure
AU - Hansen, Claus Thustrup
N1 - JEL Classification: E20, J51
PY - 1999
Y1 - 1999
N2 - An unanticipated permanent increase in wage pressure is analyzed in a dynamic general-equilibrium model combining standard theory of capital accumulation and monopolistic wage setting. The long-run (steady-state) implications are identical percentage reduction in employment, consumption, and capital stock whereas wages and the real interest rate are unchanged. The reduction in employment on impact is larger than the steady-state reduction whereas wages rise and the real interest rate declines on impact
AB - An unanticipated permanent increase in wage pressure is analyzed in a dynamic general-equilibrium model combining standard theory of capital accumulation and monopolistic wage setting. The long-run (steady-state) implications are identical percentage reduction in employment, consumption, and capital stock whereas wages and the real interest rate are unchanged. The reduction in employment on impact is larger than the steady-state reduction whereas wages rise and the real interest rate declines on impact
U2 - 10.1007/BF01232418
DO - 10.1007/BF01232418
M3 - Journal article
VL - 69
SP - 141
EP - 157
JO - Journal of Economics/ Zeitschrift fur Nationalokonomie
JF - Journal of Economics/ Zeitschrift fur Nationalokonomie
SN - 0931-8658
IS - 2
ER -
ID: 152174