Is Increased Price Flexibility Stabilizing?
收藏NBER1985-08-01 更新2025-01-04 收录
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https://www.nber.org/papers/w1686
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This paper uses Taylor's model of overlapping contracts to show that increased wage and price flexibility can easily be destabilizing. This result arises because of the Mundell effect. While lower prices increase output, the expectation of falling prices decreases output. Simulations based on
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美国国家经济研究局创建时间：
1985-08-01
