The Macroeconomics of Low Inflation.

Akerlof, G. A., Dickens, W. T., & Perry, G. L. (1996). The Macroeconomics of Low Inflation. Brookings Papers on Economic Activity, 1996(1), 1-76.

Type

Journal article

Intellectual base

Primary research

Year

1996

Volume

1996

Issue

1

Pages

1-76

DOI

10.2307/2534764

DOI registrant

JSTOR

Link

https://doi.org/10.2307/2534764

Cited from

systems_cybernetics

Cited by

1 citation across 1 artifact.

Each citation links to the sentence it supports in the citing article.

Primes

• Ratchet Effect
  • Removing the upward forcing (a recession) does not release the lock, so the separate unlatching channel is real-wage erosion through inflation rather than nominal cuts — a costlier, slower path.

    This sourceShows that downward nominal wage rigidity makes a small positive inflation rate 'grease the wheels' of labor-market adjustment — the unlatching channel the nominal-wage lock otherwise denies.

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