Monetary policy in an economy with nominal wage contracts

Charles Carlstrom

No 8710, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

Abstract: A demonstration that optimal monetary policy can be either procyclical or countercyclical in a model where wages are \"sticky\" because of a nominal contracting constraint.

Keywords: Monetary policy; Wages (search for similar items in EconPapers)
Date: 1987
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