Economists have devised all sorts of theories to explain wage rigidity.
2.
In a model with nominal wage rigidities, changes in exchange rate implies changes in actual real wage.
3.
The fact that price-wage rigidities can sustain co-ordination failures adds a new twist to explanations of involuntary unemployment.
4.
This skepticism is mostly directed to the severely restrictive assumptions required for divine coincidence to exist in the NKPC model, most prominently the absence of real wage rigidities.
5.
For price-wage rigidities ", the presence of rigidities receives an explanation in Section Seven of Dr�ze's lecture : Under incomplete markets, wage rigidities contribute to risk-sharing efficiency.
6.
Substituting profitable investments and variable social security contributions for deficit spending and straight wage rigidities, the proposed two-handed policies differ from either orthodox Keynesianism or New Keynesian policies.
7.
For price-wage rigidities ", the presence of rigidities receives an explanation in Section Seven of Dr�ze's lecture : Under incomplete markets, wage rigidities contribute to risk-sharing efficiency.
8.
The theme of the 1979 lecture ( 48 ) is taken up in several papers ( 91, 95, 101 ), exploring the definition and implementation of second-best wage rigidities.
9.
A neglected aspect of Pigou's work is his analysis of a range of labour-market phenomena studied by subsequent economists, including collective bargaining, wage rigidity, internal labour markets, segmented labour market, and human capital.
10.
Their monetary paper, The I Theory of Money, studies debt deflation ?la Fisher and the interaction between monetary policy and New Keynesian view, in which price and wage rigidities are the primary frictions.
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