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 latter seek to reduce it. The greater the inflation rate …, a rise in the inflation rate leads workers to supply more labor over the contract period, generating a significant …

chain reactions, and provides new evidence on the long-run inflation-unemployment tradeoff in the US. It is argued that … inflation/unemployment responses to money growth shocks. SVAR (structural vector autoregression) and GMM (generalised method of … and real sides of the economy are symbiotic. In the light of the significant and robust long-run inflation …

not efficient. Inflation is detrimental to unemployment. …

An empirical analysis of the impact of labour market structures on the response of inflation to macroeconomic shocks is … presented. Results based on a 20 country panel show that if labour market coordination is high, the effect on inflation of … inflation to its reduced form determinants. These findings are attributed to the behaviour of wages following movements in …

cycle of managers. We calibrate this model to U.S plant-size data to quantify the effects of distortions that are correlated … with the size of production units. These distortions lead to sharp reductions in plant productivity and the fraction of … quite well for properties of Japanese size-distribution data, with a model-implied TFP of about 83% of the U.S. Distortions …

-level) policy distortions on aggregate outcomes. On the one hand, a growing body of empirical research has been relating cross … distortions. We develop a model in which heterogeneous firms face adjustment frictions (overhead labor and quasi-fixed capital …) and idiosyncratic distortions. We show that the model can be readily calibrated to match the observed cross …