RDP 9006: Wage Contracts, Sticky Prices and Exchange Rate Volatility: Evidence from Nine Industrial Countries
Equation (20)
w
f
t
=
w
f
t
−
1
+
β
(
w
t
−
e
t
−
w
f
t
−
1
)
+
(
1
−
β
)
(
p
f
t
−
p
f
t
−
1
)
+
τ
t
.
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