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Th e aim of this paper is to study the eff ect of emulation within a basic schema of the monetary theory of production (MTP). A theoretical model is presented, where workers set their target level of consumption based on the comparison with other workers taken as reference. It is shown that emulation can play a crucial role in increasing workers' propensity to indebtedness. As a result, profi ts increase and so does the price level, thus generating a decline of the real wage. Moreover, thedoi:10.4337/ejeep.2010.01.12 fatcat:zgoidby3xzftflf4smcyxkkgdi