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Predetermined Wages and Prices and the Impact of Expansionary Government Policy

Review of Economic Studies 1990 57(2), 205
This paper characterizes the monetary equilibria of an economy with commodity and labour contracts. If government policy is not “too variable,” there may exist an equilibrium with predetermined wages and prices. In this equilibrium, observed changes in the money supply to finance government purchases have persistent real effects. The paper also provides theoretical support for an inverse relationship between the degree of indexation in contracts and the persistence of policy effects.

Rate of Growth Effects on Aggregate Savings: Further Analysis

Review of Economic Studies 1977 44(1), 153
Journal Article Rate of Growth Effects on Aggregate Savings: Further Analysis Get access Thomas Russell Thomas Russell University of Rochester Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 44, Issue 1, February 1977, Pages 153–168, https://doi.org/10.2307/2296979 Published: 01 February 1977 Article history Received: 01 November 1974 Accepted: 01 December 1975 Published: 01 February 1977