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They postpone investments or over-invest and embark on preemptive buying sprees. As Erica Groshen and Mark Schweitzer have demonstrated in an NBER working paper titled "Identifying inflation's grease and sand effects in the labour market", employers unable to predict tomorrow's wages hire less.
Here, lad, here be silver groshen, one for every acorn on that gallows tree; and here is one more for thee, who wilt doubtless be there in due season." The man took the coins, but still lingered. "Well! what now?" cried Gerard, who thought him shamefully overpaid already. "Dost seek the hide off our bones?" "Nay, good sirs, but you have seen to-night how parlous a life is mine.
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