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Erschienen in:
2001 | OriginalPaper | Buchkapitel
Flexible Money Wages
verfasst von : Prof. Michael Carlberg
Erschienen in: An Economic Analysis of Monetary Union
Verlag: Springer Berlin Heidelberg
Enthalten in: Professional Book Archive
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Take for instance an increase in union money supply. Then what will be the effect on union money wages, and what on the price of union goods? Alternatively take an increase in union government purchases, union labour supply, or union productivity. Under flexible money wages, union labour demand coincides with union labour supply. As a consequence, there is always full employment in the union. Here N denotes union labour supply. It is assumed that union labour supply is given exogenously N = const.