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This paper demonstrates how the labour and product markets interact in determining as outcome a generalized reduced-form price Phillips curve. For the labour market we consider a wage Phillips curve and for the product market a price Phillips curve. We estimate separately the wage and price...
Persistent link: https://www.econbiz.de/10005294690
Persistent link: https://www.econbiz.de/10010833536
We analyze the role of social environment and human capital formation in persistence of poverty and inequality. We present a Romer type variety model where the presence of economies of agglomeration in social environment may cause two basins of attraction; whereby we may interpret the lower...
Persistent link: https://www.econbiz.de/10008489069
We formulate a macro-model of a small open economy in order to investigate the relative performance of rules that respond to asset prices and those that do not. Our model consists of three asset prices: the stock price, the long-term interest rate and the exchange rate. These asset prices...
Persistent link: https://www.econbiz.de/10005659038