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Title:The price-wage spiral / BEBR No.559
Author(s):Brems, Hans
Contributor(s):University of Illinois at Urbana-Champaign. College of Commerce and Business Administration
Subject(s):Wage-price policy.
Inflation (Finance)
Equilibrium (Economics)
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 for information.
Copyright Apr 10 1979 Board of Trustees University of Illinois.
Date Available in IDEALS:2011-09-15
Has Version(s):
Identifier in Online Catalog:327045
OCLC Identifier:(OCoLC)ocm05173941

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