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Keynesian, Old Keynesian, and New Keynesian Wage Nominalism
Author(s) -
MITCHELL DANIEL J. B.
Publication year - 1993
Publication title -
industrial relations: a journal of economy and society
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.61
H-Index - 57
eISSN - 1468-232X
pISSN - 0019-8676
DOI - 10.1111/j.1468-232x.1993.tb01016.x
Subject(s) - nominalism , economics , keynesian economics , wage , new keynesian economics , context (archaeology) , neoclassical economics , labour economics , monetary policy , philosophy , epistemology , paleontology , biology
Wage nominalism has long been a puzzle for economists. The original Keynesian explanation related it to a coordination failure in the context of decentralized union bargaining, a problem now in a largely nonunion U. S. labor market. Moreover, Keynesianism assumed wage nominalism as the norm rather than explaining it. New Keynesian explanations, based on implicit contracts, menu costs, and other innovations still do not explain wage nominalism.