According to an article in the Economist magazine, in 2023, the legal minimum wage in Venezuela was

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According to an article in the Economist magazine, in 2023, the legal minimum wage in Venezuela was 130 bolivars per month, and the inflation rate during 2023 was expected to be 500 percent. How many bolivars per month would the minimum wage have to be increased to at the end of 2023 for its purchasing power to equal the purchasing power of 130 bolivars at the beginning of 2023?

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Macroeconomics

ISBN: 9780138102494

9th Edition

Authors: Glenn Hubbard, Anthony Patrick O Brien

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