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dc.contributor.authorMcDonald, IM
dc.date.available2019-12-18T04:28:37Z
dc.date.issued2019-02-01
dc.identifierhttp://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000454960100003&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=d4d813f4571fa7d6246bdc0dfeca3a1c
dc.identifier.citationMcDonald, I. M. (2019). John Maynard Keynes, Joan Robinson and the prospect theory approach to money wage determination. Metroeconomica: international review of economics, 70 (1), pp.45-67. https://doi.org/10.1111/meca.12226.
dc.identifier.issn0026-1386
dc.identifier.urihttp://hdl.handle.net/11343/233644
dc.description.abstractIn the 1930s, John Maynard Keynes and Joan Robinson observed a flex–fix sequence of money wage adjustment, which is changes in aggregate demand may initially change money wages but then money wages will settle at new levels even if unemployment is high. Their discussion of this pattern alluded to the importance of loss aversion in wage setting. This paper shows how loss aversion in wage setting can explain the flex–fix sequence of money wage behaviour in a way which is consistent with the observations and ideas of Keynes and Robinson.
dc.languageEnglish
dc.publisherWiley
dc.titleJohn Maynard Keynes, Joan Robinson and the prospect theory approach to money wage determination
dc.typeJournal Article
dc.identifier.doi10.1111/meca.12226
melbourne.affiliation.departmentEconomics
melbourne.source.titleMetroeconomica: international review of economics
melbourne.source.volume70
melbourne.source.issue1
melbourne.source.pages45-67
melbourne.elementsid1352569
melbourne.internal.embargodate2021-02-01
melbourne.contributor.authorMcDonald, Ian
dc.identifier.eissn1467-999X
melbourne.accessrightsThis item is embargoed and will be available on 2021-02-01


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