Barwell, Richard (contributor); … - 2005
respond to (changes in) the unemployment rate (see, for example, Layard et. al.
(1991)). More recently, rigidities in the … should be static over time. A decline in the inflation rate is likely to increase
the fraction of the workforce who are at … expectation of the inflation rate (what we
call the real rigidity regime), or where the growth in their nominal wage is …