Monetary shocks with variable effort

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Title: Monetary shocks with variable effort
Authors: Walsh, Frank
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Date: Mar-2005
Abstract: In a model with rigid nominal wages, full information and competitive product markets, I show that when an effort augmented production function is incorporated into an analysis of supply and demand shocks, the outcomes are in line with traditional Keynesian analysis for a wide range of parameter values. Monetary shocks can increase output and employment.
Type of material: Journal Article
Publisher: Elsevier Science
Journal: Journal of Macroeconomics
Volume: 27
Issue: 1
Start page: 133
End page: 141
Copyright (published version): Copyright 2004 Elsevier Inc.
Keywords: Sticky nominal wageEfficiency wages
Subject LCSH: Efficiency wage theory
Labor market
DOI: 10.1016/j.jmacro.2003.09.005
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Language: en
Status of Item: Peer reviewed
Appears in Collections:Economics Research Collection

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