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A Keynesian Model of Nominal Wage Rigidity

Sérgio Ribeiro da Costa Werlang

Abstract


We present a Model that reflects Keynes' intuition concerning nominal wage rigidity: workers like to keep their relative status on society. Several results are presented, including the analysis of the influence of risk aversion. The appendix has two new results on symmetric games.

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DOI: http://dx.doi.org/10.12660/bre.v10n11990.3022

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