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| Tekijä: | Taylor, L. |
| Otsikko: | Real and money wages, output and inflation in the semi-industrialized world |
| Lehti: | Economica
1990 : AUG, VOL. 57:227, p.329-354 |
| Asiasana: | INFLATION OUTPUT WAGE DETERMINATION DEVELOPED ECONOMIES EMPLOYMENT STABILIZATION |
| Kieli: | eng |
| Tiivistelmä: | Structuralist economist have thought through old questions about the effects of wage changes on output and inflation. Their ideas are pulled together here addressing the following questions: In an economy closed to trade, do real wage increases cause output to rise or fall? If output is at an upper bound, what are the roles of real wage and wealth movements in macro adjustment? Taking effective demand into account, do money wages cuts stimulate employment? In an open economy, does money wage reduction or devaluation make output rise? At an output bound, what are the respective roles of wage reduction and monetary restraint in slowing inflation? If inflation is driven by cost with output below capacity, how do wage dynamics affect stabilization programmes. |
SCIMA