The name is absent



7 Appendix

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

xt =


∑.2t (1 - . -1

T=1


■ T
Σ

.s=0


(Pt+s + 7^t+3)
T


∞                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 (pt+3 + 7yt+3) (1 - .)T 1 + ∙∙∙∙

T=3

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

T=2

.2 (1 - .)2 (pt+3 + 7yt+3) (1 - .)T 3 + ∙∙∙

T=3

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

T =1

.2 (1 - .)2 (Pt+3 + 7yt+3) (1 - .)T 1 + ∙∙∙

T=1

∑ .2 (1 - . 7 ' (Pt+s + 7yt+s)

s=0

26



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