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Rule of Thumb Consumers Meet Sticky Wages

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Figure

Table 1: Output sensitivity of real wage as a function of the elasticity of labor disutility and
Table 2: Baseline calibration
Figure 2: Determinacy region when wages have an average duration of 4 quarters (�w = 0:75).
Figure 3: Indeterminacy regions under alternative degree of wage stickiness. Instability areas
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