haku: @author Zandamela, R. L. / yhteensä: 1
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| Tekijä: | Zandamela, R. L. |
| Otsikko: | The macroeconomic implications of wage indexation in a two-sector open economy |
| Lehti: | Weltwirtschaftliches Archiv
1988 : VOL. 124:2, p. 269-286 |
| Asiasana: | INDEXATION PAY MACROECONOMIC MODELS |
| Kieli: | eng |
| Tiivistelmä: | This paper investigates the macroeconomic effects of wage indexation in a two sector (traded and non-traded good) open economy framework. In the model full wage indexation does not insulate real output from the effects of nominal shocks (contrary to previous results gained from a more simple model). Full wage indexation exacerbates the negative effect on current account of demand shocks. It is found furthermore that Grays optimal degree of wage indexation is full indexation against monetary disturbances and partial indexation against real supply shocks. |
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