tag:blogger.com,1999:blog-6837159629100463303.post2005113751065232403..comments2023-06-18T01:25:08.748-07:00Comments on Information Transfer Economics: Scott Sumner's Model (Part 1)Jason Smithhttp://www.blogger.com/profile/12680061127040420047noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-6837159629100463303.post-48966562439030180442013-11-01T12:57:12.721-07:002013-11-01T12:57:12.721-07:00The "correct" model with the unemploymen...The "correct" model with the unemployment rate is here:<br /><br />http://informationtransfereconomics.blogspot.com/2013/10/the-phillips-curve.html<br /><br />And the information transfer model is P:NGDP→U, not u:NGDP→NHW, where U is the total number of unemployed and u is the unemployment rate. The model for wages can be seen here:<br /><br />http://informationtransfereconomics.blogspot.com/2013/10/sticky-wages.html<br /><br />The information transfer model is P':NGDP→NW where P' is some unknown constant price (hence sticky wages) and NW are total nominal wages.Jason Smithhttps://www.blogger.com/profile/12680061127040420047noreply@blogger.com