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Following Driscoll and Holden (2004), I model forward-looking workers who consider it unfair if a wage adjustment fails to match past inflation. However, the present paper proposes a much larger effect by using the job finding rate as the measure of workers' opportunities outside the firm rather...
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In this paper we incorporate the two most prominent approaches of inequality aversion, i.e. Fehr and Schmidt (1999) and Bolton and Ockenfels (2000) into an otherwise standard New Keynesian macro model and compare them with respect to their influence on the long-run effectiveness of monetary...
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government functions, including some central to the realisation of economic justice. This article advances a theory of “Eurozone … justice” by developing principled answers to two basic questions: First, what do members of monetary unions owe one another in … approach the moral basis of supranational monetary governance, focusing on background justice and equitable risk sharing …
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Every currency crisis of recent years has been accompanied by a migration of billions of short-term money. Both experts and laymen have again and again been amazed at the speed at which, at relatively short notice, these enormous sums could be mobilised.
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