Construct · 1 fields · 1 citations

greasing the wheels of the labor market: a standalone construct

One name. One construct. A landmark on the map.

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greasing the wheelsof the labor market1 CONSTRUCTGreasing the wheels ofAKERLOF · MACROECONOMICS

A single standalone construct; nearby constructs are located against it in the Collider. Tap a field for its definition, unit, and measures.

Macroeconomics

the argument that modest inflation lets real wages fall despite downward nominal wage rigidity, lowering the sustainable unemployment rate.

In macroeconomics, greasing the wheels of the labor market refers to the argument that modest inflation lets real wages fall despite downward nominal wage rigidity, lowering the sustainable unemployment rate. This meaning comes from Akerlof (1996) in Brookings Papers on Economic Activity.[1]

Unit
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Nearby constructs

downward nominal wage rigidity1 fields · 1 citationsanchor · a standalone constructargument3 fields · 3 citationsjingle · one word, three constructsfall2 fields · 3 citationsjingle · one word, two constructs

References

  1. Akerlof, G. A., Dickens, W. T., Perry, G. L., Gordon, R. J., & Mankiw, N. G. (1996). The Macroeconomics of Low Inflation. Brookings Papers on Economic Activity, 1996(1), 1. https://doi.org/10.2307/2534646

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