High inflation and real wages /
This paper suggests a simple general equilibrium explanation, without relying on nominal rigidities. It presents an intertemporal two-sector model with a cash-in-advance constraint. In this setting, inflation reduces real wages through (1) a decline of the capital stock, and (2) a shift in relative...
Main Author: | Braumann, Benedikt |
---|---|
Format: | Book |
Language: | English |
Published: |
Washington, D.C. :
International Monetary Fund,
2001
|
Series: | IMF working paper ;
no. WP/01/50 |
Subjects: | |
Online Access: | http://www.imf.org/external/pubs/ft/wp/2001/wp0150.pdf |
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