The Wage Price Spiral
重新审视了工资价格螺旋机制，说明总需求增加后，工人和企业的定价行为如何导致名义价格和工资的调整过程，并分析了价格决策交错对调整速度和产出持续性的影响。
This paper rehabilitates the old wage price spiral. It shows that, after an increase in aggregate demand, the process of adjustment of nominal prices and nominal wages results from attempts by workers to maintain or increase their real wage and by firms to maintain or increase their markups of prices over wages. Under continuous price and wage setting, the process of adjustment would be instantaneous; under staggering of price and wage decisions, the adjustment takes time. The more inflexible real wages and markups are to shifts in demand, the higher is the degree of price level inertia, and the longer lasting are the effects of aggregate demand on output.