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240607 ||| eng |
| 020 |
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|a 9798400275432
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| 100 |
1 |
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|a Rabanal, Pau
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| 245 |
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|a Examining Price-Wage Dynamics in a Small Open Economy: The Case of Uruguay
|c Pau Rabanal, M. Belen Sbrancia
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2024
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| 300 |
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|a 34 pages
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Inflation
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| 653 |
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|a Economics
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| 653 |
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|a Wage setting
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| 653 |
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|a Labour
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| 653 |
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|a Monetary economics
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| 653 |
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|a Inflation targeting
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| 653 |
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|a Wages, Compensation, and Labor Costs: General
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| 653 |
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|a Deflation
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| 653 |
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|a Economics: General
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| 653 |
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|a Wage indexation
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| 653 |
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|a Informal sector
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| 653 |
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|a Prices, Business Fluctuations, and Cycles: Forecasting and Simulation
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| 653 |
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|a Labor
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| 653 |
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|a Economics of specific sectors
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| 653 |
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|a Price Level
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| 653 |
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|a Currency crises
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| 653 |
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|a Cycles
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| 653 |
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|a Wages, Compensation, and Labor Costs: Public Policy
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Monetary policy
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| 653 |
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|a Wages
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| 653 |
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|a Business Fluctuations
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Income economics
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| 700 |
1 |
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|a Sbrancia, M. Belen
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9798400275432.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2024/105/001.2024.issue-105-en.xml?cid=549485-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a The recent increase of inflation globally has led to a renewed interest in understanding the link between inflation and wages. In Uruguay, the presence of centralized wage bargaining and indexation practices raises the question as to what extent wage growth dynamics can make the response of inflation to shocks more persistent. We use a medium-scale DSGE model which incorporates indexation in the wage setting equation to analyze the interactions between wage setting behavior and other macroeconomic variables, as well as the role of monetary policy. The analysis suggests that wage indexation increases the persistence of the response of inflation to domestic and foreign shocks, it also affects the monetary policy transmission mechanism and the severity of the trade-offs faced by the central bank
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