<html><body><p>In <a href="https://quotes.tuteehub.com/tag/new-159" style="font-weight:bold;" target="_blank" title="Click to read more quotes about NEW">NEW</a> Classical theory, periods of declining <a href="https://quotes.tuteehub.com/tag/employment-3472" style="font-weight:bold;" target="_blank" title="Click to read more quotes about EMPLOYMENT">EMPLOYMENT</a> - <a href="https://quotes.tuteehub.com/tag/business-332" style="font-weight:bold;" target="_blank" title="Click to read more quotes about BUSINESS">BUSINESS</a> cycle downturns - may be caused by an unexpected decline in aggregate <a href="https://quotes.tuteehub.com/tag/demand-824" style="font-weight:bold;" target="_blank" title="Click to read more quotes about DEMAND">DEMAND</a>, which leaves workers mistakenly holding out for nominal wages that exceed the new market-clearing level.</p></body></html>

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In NEW Classical theory, periods of declining EMPLOYMENT - BUSINESS cycle downturns - may be caused by an unexpected decline in aggregate DEMAND, which leaves workers mistakenly holding out for nominal wages that exceed the new market-clearing level.

Author - George Akerlof Subject - Exceed

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In NEW Classical theory, periods of declining EMPLOYMENT - BUSINESS cycle downturns - may be caused by an unexpected decline in aggregate DEMAND, which leaves workers mistakenly holding out for nominal wages that exceed the new market-clearing level.

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In NEW Classical theory, periods of declining EMPLOYMENT - BUSINESS cycle downturns - may be caused by an unexpected decline in aggregate DEMAND, which leaves workers mistakenly holding out for nominal wages that exceed the new market-clearing level.

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