has directly estimated the joint impact of these different causes. In this paper, we view wages as arising out of a … competitive general equilibrium where goods prices, technology and factor supplies jointly determine outputs and factor prices. We … specify an empirical model which allows us to estimate the general equilibrium relationship between wages and technology …

This paper analyzes the dynamics of prices and wages using a limited information approach to estimation. I estimate a … two-equation model for the determination of prices and wages derived from an optimization-based dynamic model in which … both goods and labor markets are monopolistically competitive; prices and wages can be reoptimized only at random intervals …

This paper quantifies the effects of drug monopolies and low per-capita income on pharmaceutical prices in developing …

shocks driving the economy and the systematic response of monetary policy to inflation: More flexible prices amplify the … shocks, ask: Would the U.S. economy have been more or less stable had prices been more flexible than historically? Our main …