The Wage and Price Adjustment Process in Six Large OECD Countries

Robert J. Gordon

Chapter 4 in The Reconstruction of International Monetary Arrangements, 1987, pp 70-91 from Palgrave Macmillan

Abstract: Abstract The American literature on the dynamics of aggregate supply behavior is dominated by the issue of nominal wage stickiness. The less responsive the nominal wage rate is to changes in the growth rate of nominal GNP, the greater is the output cost of a disinflationary monetary policy and, because of these costs, the less likely it is that such a policy will be adopted.2

Keywords: Real Wage; Price Adjustment; Nominal Wage; Exchange Rate Change; Supply Shock (search for similar items in EconPapers)
Date: 1987
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DOI: 10.1007/978-1-349-18513-9_5

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