TL;DRAbstract
It is demonstrated in this chapter that the monetary regime can influence natural production, determined by the wage setters' preferences with respect to production/employment and the real wage, by affecting the fluctuation in functional relationships. The stochastic fluctuations affect natural production in situations where the wage setters through contracts fix the nominal wage at a certain level in a future time period.
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It is demonstrated in this chapter that the monetary regime can influence natural production, determined by the wage setters' preferences with respect to production/employment and the real wage, by affecting the fluctuation in functional relationships. The stochastic fluctuations affect natural production in situations where the wage setters through contracts fix the nominal wage at a certain level in a future time period.
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