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In this paper we present a simple, theory-based measure of the variations in aggregate economic efficiency associated …
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I revisit the General Theory's discussion of the role of wages in employment determination through the lens of the New …
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We analyze the welfare impact of greater wage flexibility in the presence of an occasionally binding zero lower bound (ZLB) constraint on the nominal interest rate. We show that the ZLB constraint generally amplifies the adverse effects of greater wage flexibility on welfare when the central...
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