In this paper we test a new empirical relationship between wage and inflation. We introduce the concept of a cumulative … wage gap, meaning the cumulative gap between the current wage and a maximum peak wage value in the past. In a crisis … target until the cumulative real wage gap closes, and that it increases above its target when the cumulative real wage gap …

Asian countries. The study also confirmed the positive impact of trade liberalization and the quality of human resources on …

Heterogeneous-agent New Keynesian models with sticky nominal wages usually assume that wage-setting unions demand the … modification substantially lowers the effective stickiness of nominal wages, resulting in markedly different wage and inflation …