“…"A widely spread belief among economists is that monetary policy has relatively short-lived effects on real variables such as unemployment. …”

“…The research on MW should have shaken economists' belief in the competitive labor market model as a result of frequent failures to find noticeable employment effects despite considerable effects on wages. …”

“…The research on MW should have shaken economists’ belief in the competitive labor market model as a result of frequent failures to find noticeable employment effects despite considerable effects on wages. …”