Deflazione, disinflazione e modelli a salari sovrapposti

This work presents a critical survey of the naive log-linear models of overlapping wages. Focusing particularly both on the continuous-time model of Calvo (1983a, 1983b) and the discrete one of Taylor (1979, 1980) it addresses the issue of the effects on output of changes in monetary policy, in the form of deflation and disinflation. Given the confusing array of answers to this issue in the literature, this work tries to clarify how different assumptions about aggregate demand and the structure of contracts lead to different results in the overlapping wages models.