Prices, Wages, and Monetary Policy

Hiroshi Yoshikawa ()
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Hiroshi Yoshikawa: University of Tokyo

Chapter Chapter 6 in Reconstruction of Macroeconomics: Methods of Statistical Physics, and Keynes' Principle of Effective Demand, 2022, pp 141-172 from Springer

Abstract: Abstract This chapter considers prices and wages. Modern microfounded macroeconomics stresses the importance of expectations in the determination of prices. However, using a novel technique, the complex principal component analysis, this chapter shows that expectations play little role and that interactions of individual prices determine dynamics of aggregate price index such as CPI. It also argues that fairness plays an important role in the determination of prices and wages.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advchp:978-981-19-5264-7_6

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DOI: 10.1007/978-981-19-5264-7_6

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