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| Author: | Braumann, B. |
| Title: | High inflation and real wages |
| Journal: | IMF Staff papers
2004 : VOL. 51:1, p. 123-147 |
| Index terms: | Equilibrium analysis Inflation Pay |
| Language: | eng |
| Abstract: | It is shown by empirical data that real wages fall sharply during periods of high inflation. A simple general equilibrium explanation is suggested without relying on nominal rigidities. An intertemporal two-sector model is presented with a credit channel of monetary transmission. In this setting, inflation reduces real wages through 1) a decline of the capital stock and 2) a shift in relative prices. |
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