and transfers reduces fluctuations in consumption, employment, and private and public after-tax real wages, thus bringing …

short-run unemployment costs but also with long-run output benefits? The answer to this question crucially depends on the …

strengthened, which in turn results in lower hours per worker and higher wages in the bargaining process. This shift in labor …

vs. sticky wages, interactions at the firm level between price and wage-setting, alternative forms of hiring frictions … little real rigidity and, so, too volatile inflation, owing to strong responses of marginal wages and hours per employee … the responses of wages, inflation and employment. …