account but learn a steady state. If agents do hardly consider general equilibrium effects, low real wages and low … unemployment results. With an intermediate view, when partial equilibrium effects are taken into account, high real wages and … incorporated at once, again low real wages and low unemployment results. We thus obtain a hump-shaped relationship between the …

real wages and low unemployment result. With an intermediate view, i.e. when partial equilibrium effects within a sector … are taken into account, high real wages and unemployment result. If all general equilibrium effects are considered at once …, low real wages and low unemployment again result. The assumption that unions and employers' federations are not able to …

real wages and low unemployment result. With an intermediate view, i.e. when partial equilibrium effects within a sector … are taken into account, high real wages and unemployment result. If all general equilibrium effects are considered at once …, low real wages and low unemployment again result. The assumption that unions and employers' federations are not able to …

account but learn a steady state. If agents do hardly consider general equilibrium effects, low real wages and low … unemployment results. With an intermediate view, when partial equilibrium effects are taken into account, high real wages and … incorporated at once, again low real wages and low unemployment results. We thus obtain a hump-shaped relationship between the …