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Nominal Contracting and Monetary Targets -- Drifting into Indexation
Minford, Patrick; Nowell, Eric; Webb, Bruce - In: Economic Journal 113 (2003) 484, pp. 65-100
We look for a theoretical justification of nominal wage contracts in household diversification of risk. In a calibrated general equilibrium model we find from stochastic simulation that if both productivity and monetary shocks are temporary then optimal wage contracts are overwhelmingly nominal....
Persistent link: https://www.econbiz.de/10005393419
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A Review of Unemployment: Cause and Cure, by Patrick Minford with David Davies, Michael Peel and Alison Sprague: Response.
Minford, Patrick - In: Economic Journal 94 (1984) 376, pp. 954-59
Persistent link: https://www.econbiz.de/10005393364
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Has Labour Market Economics Achieved a Synthesis? Review Article.
Minford, Patrick - In: Economic Journal 103 (1993) 419, pp. 1050-56
Persistent link: https://www.econbiz.de/10005232141