The transition from a hunter-gatherer economy to agricultural production, which made possible the endogenous technological progress that ultimately led to the Industrial Revolution, is one of the most important events in thousands of years of humankind's economic development. In this paper we...

In this paper we use a standard multi-union, monopolistic competition model to investigate the qualitative and quantitative responses of inflation and unemployment to monetary policy activism under different institutional arrangements in the labor market, which are defined by the rigidity of...