Staggered Wage Setting in a Macro Model

The inflation dynamics typically associated with the "expectations-augmented" Phillips curve are significantly influenced by the interaction of staggeered contracts in addition to expectations effects. A model focusing on contracts and staggered wage setting with rational expectations is u...

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Bibliographic Details
Published in:The American economic review 1979-05, Vol.69 (2), p.108-113
Main Author: Taylor, John B.
Format: Article
Language:English
Subjects:
Aggregate
Aggregate demand
Contracts
Demand
Economic expectations
Economic models
Economic theory
Employment
Excess demand
Expectations
Inflation
Labor contracts
Macroeconomics
Phillips curve
Rational expectations
Staggered
Tradeoffs
Unemployment
Wage adjustments
Wage determination
Wages
Wages & salaries
Wages and Employment
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