consequences for aggregate labor productivity. Using high-quality administrative data from Germany, we document that East German … percent lower aggregate labor productivity in East Germany. …

hyperbolic discounting leads to inflation having significant long-run effects on real variables. …

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 …

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 …

hyperbolic discounting leads to inflation having significant long-run effects on real variables. …

values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility …