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Keynesian, Old Keynesian, and New Keynesian Wage Nominalism

Industrial Relations: A Journal of Economy and Society, 1993
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.
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