Discontinuous wages adjustments, inflation and economic fluctuations
DOI:
https://doi.org/10.24201/ee.v17i1.196Keywords:
wages, inflation, Phillis curvesAbstract
If nominal wages adjust less frequently than prices, a constant rate of growth of the quantity of money will produce cyclical fluctuations of production and inflation. The same phenomenon can modify the average long run production of the economy, generating Phillips curves sometimes with a negative slope and some other times with a positive slope.
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