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Notes for a new guide to Keynes (I): Wages, aggregate demand, and employment
Galí, Jordi
Universitat Pompeu Fabra. Departament d'Economia i Empresa
I revisit the General Theory's discussion of the role of wages inemployment determination through the lens of the New Keynesianmodel. The analysis points to the key role played by the monetarypolicy rule in shaping the link between wages and employment, andin determining the welfare impact of enhanced wage flexibility. I showthat the latter is not always welfare improving.
Macroeconomics and International Economics
wage flexibility
monetary policy rules
employment stability.
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