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price of other labor-intensive services in 1980-1994. We also find that the cognitive achievement of pupils did not change …
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This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...
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