Dickens, William T.; Goette, Lorenz; Groshen, Erica L.; … - 2007
have a nominal wage freeze). We expect that,
5
averaged over the business cycle, wage growth equals price inflation … changes at values other than the expected rate of inflation
could affect it. For example, if government, business, and labor … economics, yet many questions
remain to be answered about why these patterns occur. We have offered some hypotheses about
the …