articleAmerican Economic ReviewJan 1, 2016Closed access

Staggered Wage Setting in a Macro Model

JBJohn B. Taylor

Abstract

Few economists now question the validity of the Friedman-Phelps accelerationist hypothesis that the Phillips curve is vertical in the long run-at least as a first-order approximation. Indeed. the once controversial hvpothesis is now embodied in basic textboik

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Topics & keywords

Topics
Keywords
  • Economics
  • Macro
  • Wage
  • Efficiency wage
  • Labour economics
  • Keynesian economics
  • Microeconomics
  • Computer science
UN Sustainable Development Goals
  • Decent work and economic growth
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