4 Models of as o Two parties set the nominal wage based on target real wage and their expected price level W=a×Pe W/P=0×(PP) P个→"<D→L个→Y个4 Models of AS ⚫ Two parties set the nominal wage based on target real wage and their expected price level e W W P P = e W = P W / P (P / P) e = W P L Y P      