Alstadheim, Ragna; Henderson, Dale W. - Federal Reserve Board (Board of Governors of the … - 2004
productivity. Within a range, the combination of a
small deficit with a standard interest-rate or money-supply rule guarantees that …
, and decreasing in output.
7
ρ
t
represents the level of productivity; as ρ
t
increases
the production of a given level of … productivity or decreases in the disutility
of labor if agents supply their desired amounts of labor either because they are …