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Wage Hikes as Supply and Demand Shock

Jerger, Jürgen ; Michaelis, Jochen



Abstract

Wage hikes affect production costs and hence are usually analysed as supply shocks. There is a long-standing debate, however, about demand effects of wage variations. In this paper, we bring together these two arguments in a Kaldorian model with group-specific saving rates and a production technology that allows for redistribution between workers and entrepreneurs following a wage hike. We ...

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