Excerpt from Cyclical Markups: Theories and Evidence Real wages are not strongly countercyclical. As pointed out already by Dunlop (1938) and Tarshis this presents difficulties for models in which technological possibilities do not vary at business cycle frequencies. For, why should firms be willing to pay more to workers when output is high and hence the marginal product of labor is low? One obvious possibility, suggested by Keynes is that the desired markup of price over marginal cost is low when output is high. About ...
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Excerpt from Cyclical Markups: Theories and Evidence Real wages are not strongly countercyclical. As pointed out already by Dunlop (1938) and Tarshis this presents difficulties for models in which technological possibilities do not vary at business cycle frequencies. For, why should firms be willing to pay more to workers when output is high and hence the marginal product of labor is low? One obvious possibility, suggested by Keynes is that the desired markup of price over marginal cost is low when output is high. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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PLEASE NOTE, WE DO NOT SHIP TO DENMARK. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Please note we cannot offer an expedited shipping service from the UK.
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