2 edition of Wage-indexation and macro-economic stability found in the catalog.
|Series||Massachusetts Institute of Technology. Dept. of Economics. Working paper -- no. 177, Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 177.|
|The Physical Object|
|Pagination||34, , 10 leaves ;|
|Number of Pages||34|
Get this from a library! The macroeconomic consequences of wage indexation revisited. [Esteban Jadresić; International Monetary Fund. Research Department.] -- Since the mid s, there has been considerable research on the macroeconomic consequences of wage indexation. Starting with an enthusiastic proposal of indexation by Friedman () and two. van Wijnbergen, S., “Tariffs, Employment and the Current Account: Real Wage Resistance and the Macroeconomics of Protectionism”, International Economic Review, , 28(3). Download references Author information.
Wage Indexation and Inflation: Wage Indexation and Macroeconomic Stability. Indexing and Inflation. Contracts, Credibility, and Disinflation. Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights. This paper reexamines the macroeconomic effects of wage indexation in an open economy under alternative exchange rate regimes. The main finding is that, once the lags in actual indexation rules are considered, wage indexation affects output behavior substantially less than posited in the previous academic literature. This result implies that the academic view that wage indexation makes a.
The integration of market economies is one of the most remarkable features of international economics, which has important implications for macroeconomic performance in open economies. Equally important is the declining relevance of the real versus the monetary theory dichotomy. These papers focus. Wage indexation and macroeconomic stability the Gray-Fischer theorem revisited by Mr. Esteban Jadresic 24 Pages, Published by International Monetary Fund ISBN .
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Wage Indexation and Inflation: Wage Indexation and Macroeconomic Stability. Indexing and Inflation. Contracts, Credibility, and Disinflation. Exchange Rate versus Money Targets in Disinflation. Indexation in the Capital Markets: The Demand for Index Bonds.
On the Nonexistence of Privately issued index Bonds in the U.S. Capital by: I. I ntroduction. Since the mid s, there has been considerable research on the macroeconomic consequences of wage indexation.
Starting with two seminal papers by Gray () and Fischer (), the academic literature has studied the effects of wage indexing on the behavior of the economy in response to alternative types of shocks, the effects of wage indexing on the Wage-indexation and macro-economic stability book of disinflation.
The paper develops a simple analytical framework in which the shortrun affects of wage indexation on the dynamic stability of inflation can be analyzed. It consists of a unlonized labor market faced by a competitive demand.
Without indexation, the wage contract is based upon the union's prediction of the price level during the period of the Cited by: 2. Fischer, Stanley, "Wage indexation and macroeconomics stability," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol.
5(1), pages This is a revised version of a paper presented at the Helsinki Conference on the Monetary Mechanism in Open Economies, August I am indebted to Milton Assis, Adolfo Diz, Rudiger Dornbusch, Michael Parkin, and Edmund Phelps for useful by: Accordingly, the relevant consideration in analyzing the effects of wage indexation on macroeconomic stability is whether sticky real wages or sticky nominal wages are more conducive to stability.
There are at least two prevalent views on the effects of wage indexation on economic stability, by which is meant the variability of output and prices. Jadresic, Esteban, Wage Indexation and Macroeconomic Stability: The Gray-Fischer Theorem Revisited (November ).
IMF Working Paper, Vol., pp. Since the seminal papers by Gray () and Fischer () were published, the major theorem of the wage indexation literature has been that indexing wages stabilizes output when shocks are nominal and destabilizes output when shocks are real. This paper reexamines the validity of this proposition taking into account the lags in actual indexation practices in an economy similar to that.
Erling Holmøy, Birger Strøm, in Handbook of Computable General Equilibrium Modeling, Brief overview of MSG6. The calculations outlined above of the demographic development, labor force, number of pensioners, individual pension benefits and public pension expenditures ex ante wage indexation, and real government consumption enter MSG6 as exogenous variables.
“Wage Indexation and Macroeconomic Stability.” Carnegie-Rochester Conference Series on Public Policy 5: 16 Fernando Lefort and Klaus Schmidt-Hebbel. Additional Physical Format: Online version: Jadresić, Esteban.
Wage indexation and macroeconomic stability. [Washington, D.C.]: International Monetary Fund. Fig. 1 summarizes the evolution of the monetary regimes for the countries in our sample over QQ4. The overall pattern is consistent with the shifts in policy regimes documented in the literature (Fatás et al., ).Exchange rate targeting was the dominant regime during the s and early s while in the mids some countries shifted to monetary targeting.
15 Since the early. Mainstream macroeconomics is under attack, professionally and in the popular press, as rarely before. Stanley Fischer has brought together this collection of essays in support of the view that mainstream macroeconomics can contribute much that it is both scientifically and socially useful to the analysis of policy issues and controversies.
The book is divided into four parts, each with its own. Wage Indexation, the Scandinavian Model and Macroeconomic Stability in the Open Economy Article (PDF Available) in Oxford Economic Papers 34(3) February with 7 Reads. Fischer, S. Wage indexation and macro-economic stability.
In Stabilization of domestic and international economy, ed. Brunner and A.H. Meltzer. Journal of Monetary Economics, Supplementary 5, – Google Scholar.
Wage Indexation and Macroeconomic Stability in the Small Economy By 章次 西島 Get PDF ( KB). Downloadable (with restrictions).
We estimate a New Keynesian wage Phillips curve for a panel of 24 OECD countries and allow the degree of wage indexation to past inflation to vary according to structural characteristics. We find that the degree of wage indexation is significantly lower for countries with an inflation target.
However, this effect vanishes when we control for the degree of. Downloadable. We combine an estimated monetary policy rule featuring time-varying trend inflation and stochastic coefficients with a medium scale New Keynesian framework calibrated on the U.S.
economy. We find the impact of variations in trend inflation on the likelihood of equilibrium determinacy to be both modest and limited to the second half of the s. "Alternative Responses of Policy to External Supply Shocks," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol.
6(1), pages Fischer, Stanley, "Wage indexation and macroeconomics stability," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 5(1), pagesJanuary. ‘Wage indexation: a macroeconomic approach’, Journal of Monetary Economics, 2(2), pp. – Wage indexation and macroeconomic stability.
Article. Jan ; This book is concerned. Downloadable! Empirical and institutional evidence finds considerable time variation in the degree of wage indexation to past inflation, a finding that is at odds with the assumption of constant indexation parameters in most New-Keynesian DSGE models.
We build a DSGE model with endogenous wage indexation in which utility maximizing workers select a wage indexation rule in response to. Fischer, S. a. Wage indexation and macro-economic stability.
In Stabilization of Domestic and International Economy, ed. K. Brunner and A.H. Meltzer. Journal of Monetary Economics, Supplementary 5, – Google Scholar.Download Exchange Rate Regimes And Macroeconomic Stability books, The Asian crisis of was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another.