The Wage Price Spiral

This paper rehabilitates the old wage price spiral. It shows that, after an increase in aggregate demand, the process of adjustment of nominal prices and nominal wages results from attempts by workers to maintain or increase their real wage and by firms to maintain or increase their markups of

本文重新阐释并完善了传统的工资-价格螺旋（wage-price spiral）理论。研究表明，总需求（aggregate demand）增加后，名义价格（nominal prices）与名义工资（nominal wages）的调整过程，源于工人试图维持或提升自身实际工资（real wage），以及厂商试图维持或提高其成本加价率（markups）的行为。