The name is absent

7 Appendix

The mean reset wage at time t, x_t in the GTE is thus

∞                γt-1

∖. (1 -.  ^-ι ∑(_pt+_s+_ryt+_s)

T=1                  |_s=0

∞

. ⁽Pt ⁺ 7yt^{) +} .^{2 (}Pt+i ⁺ 7yt+1⁾ ∑ ^{(1 -} .^{τ-1 +}

T=2

∞

.^{2 (p}t+3 ⁺ 7^yt+3⁾ ∑ ^{(1 -} .^{)T 1 +} ∙∙∙∙

T=3

∞

. (Pt + 7yt) + .²(1 - .) (Pt+1 + 7yt+1) ∑ (1 - .)^τ-2 +

T=2

∞

.^{2 (1 -} .^{)2 (p}t+3 ⁺ 7^yt+3⁾ ∑ ^{(1 -} .^{)T 3 +} ∙∙∙

T=3

∞

. (Pt + 7yt) + .²(1 - .) (pt+1 + 7yt+1) ∑ (1 - .)^τ-1 +

T =1

∞

.^{2 (1 -} .⁾² (Pt+3 ⁺ 7^yt+3⁾ ∑ ^{(1 -} .^{)T 1 +} ∙∙∙

T=1

∞

∑ .^{2 (1 -} . 7 ' ⁽Pt+s ⁺ 7yt+s⁾

s=0

26

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