The Macroeconomic Consequences of Wage Indexation Revisited

Since the mid-1970s, there has been considerable research on the macroeconomic consequences of wage indexation. Nonetheless, until recently, this research had not explicitly explored the implications of contracts that index wages to lagged inflation, the usual type of wage indexation observed in pra...

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Bibliographic Details
Main Author: Jadresic, Esteban
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1998
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a The Macroeconomic Consequences of Wage Indexation Revisited  |c Esteban Jadresic 
260 |a Washington, D.C.  |b International Monetary Fund  |c 1998 
300 |a 54 pages 
651 4 |a United States 
653 |a Inflation 
653 |a Real wages 
653 |a Labour; income economics 
653 |a Wage adjustments 
653 |a Wages, Compensation, and Labor Costs: General 
653 |a Deflation 
653 |a Wage indexation 
653 |a Aggregate Labor Productivity 
653 |a Unemployment 
653 |a Aggregate Human Capital 
653 |a Labor 
653 |a Price Level 
653 |a Cycles 
653 |a Wages, Compensation, and Labor Costs: Public Policy 
653 |a Prices 
653 |a Macroeconomics 
653 |a Business Fluctuations 
653 |a Wages 
653 |a Intergenerational Income Distribution 
653 |a Monetary Policy 
653 |a Employment 
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520 |a Since the mid-1970s, there has been considerable research on the macroeconomic consequences of wage indexation. Nonetheless, until recently, this research had not explicitly explored the implications of contracts that index wages to lagged inflation, the usual type of wage indexation observed in practice. Drawing mainly on recent research by the author, this paper examines the consequences of wage indexation to lagged inflation on aggregate wage formation, the cost of disinflation under money- and exchange-rate-based stabilization, the variability of output under alternative shocks and policy regimes, the choice of exchange rate regime, and the level and variability of inflation