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RDP 8611: The Effectiveness of Fiscal Policy in an Economy with Anticipatory Wage Contracts
Equation (11)′
b
˙
=
n
(
1
+
b
^
−
b
)
+
(
1
−
α
)
e
−
b
^
(
ρ
e
b
^
−
t
)
y
−
n
=
n
(
b
^
−
b
)
+
(
1
−
α
)
e
−
b
^
(
ρ
e
b
^
−
t
)
y
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