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|Title:||The price-wage spiral / BEBR No.559|
|Contributor(s):||University of Illinois at Urbana-Champaign. College of Commerce and Business Administration|
|Issue Date:||Apr 10 197|
|Publisher:||[Urbana, Ill.] : College of Commerce and Business Administration, University of Illinois at Urbana-Champaign,|
|Series/Report:||Faculty working papers ; no. 559|
|Description:||Includes bibliographical references (leaves 44-45).
"The paper opens the neoclassical growth model to unemployment and inflation and solves for steady-state equilibrium rates of growth and interest. A price equation is dervied from profit maximization and includes the wage expectations of the entrepreneurs. A wage equation is based on the Phillips function and includes the price expectations of labor. A price-wage equilibrium is defined as self-fulfilling expectations. The existence and the properties of such an equilibrium are examined. Policy conclusions are drawn. Finally, the paper determines the extent to which Wiksellian, Keynesian, and monetarist ideas may coexist in neoclassical growth."
|Rights Information:||In copyright. Digitized with permission of the University of Illinois Board of Trustees. Contact email@example.com for information.
Copyright Apr 10 1979 Board of Trustees University of Illinois.
|Date Available in IDEALS:||2011-09-15|
|Identifier in Online Catalog:||327045|
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Research publications from the University of Illinois at Urbana-Champaign
Research Publications from UIUC
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