Ahrens, Steffen; Snower, Dennis - Institut für Weltwirtschaft (IfW) - 2012
contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high … incomes experience guilt. The former seek to raise their income, and the latter seek to reduce it. The greater the inflation … empirical evidence, a rise in the inflation rate leads workers to supply more labor over the contract period, generating a …