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Published in:
1992 | OriginalPaper | Chapter
Flexible Money Wages
Author : Professor Dr. Michael Carlberg
Published in: Monetary and Fiscal Dynamics
Publisher: Physica-Verlag HD
Included in: Professional Book Archive
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In the preceding sections, as a rule, we assumed slow money wages. Now in sections 11 and 12, as an exception, we shall consider the polar cases of flexible and fixed money wages. Let us begin with flexible money wages. As a response to a shock, money wages adjust continuously so as to clear the labour market all the time.