Hofmann, Boris; Peersman, Gert; Straub, Roland - 2010
This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates …", technology shocks in contrast triggered wage-price spirals, moving nominal wages and prices in the same direction at longer … the labor market. Accordingly, the degree of wage indexation is not structural in the sense of Lucas (1976). -- technology …