Keynesian, Old Keynesian, and New Keynesian Wage Nominalism
نویسنده
چکیده
Wage nominalism has long been a puzzle for economists. The original Keynesian explanation related it to a coordination failure in the context of decentralized union bargaining, a problem now in a largely nonunion U. S. labor market. Moreover, Keynesianism assumed wage nominalism as the norm rather than explaining it. New Keynesian explanations, based on implicit contracts, menu costs, and other innovations still do not explain wage nominalism.
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