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On the Absence of Positive Wage Indexation
Economica, 1996This paper rationalizes the absence of positive wage indexation in labour contracts-that is, of indexing provisions that link wage increases to inflation. We investigate the equilibrium of a policy game in a stochastic economy in which wage-setters and a policy-maker interact strategically in order to determine the preferred degree of wage indexation ...
Bar-Ilan, Avner, Zanello, Alessandro
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The Firm, Wage Indexation, and Nominal Wage Rigidity
SSRN Electronic Journal, 2016A new explanation for nominal wage rigidity is proposed when firms, as distinct from representative agents, can index wages. In general, the probability of contractionary monetary and real shocks, either alone or simultaneously, can make any degree of indexation optimal.
James M. Holmes +2 more
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Journal of Political Economy, 1983
The observed practice of contracting for labor services in advance introduces stickiness or friction into the economic system. In the presence of monetary and real stochastic disturbances the stability of the levels of employment and output hinges on the nature of the wage contracts.
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The observed practice of contracting for labor services in advance introduces stickiness or friction into the economic system. In the presence of monetary and real stochastic disturbances the stability of the levels of employment and output hinges on the nature of the wage contracts.
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Atlantic Economic Journal, 2002
Models of wage indexation uniformly have been based on the simplifying assumption that nominal wages adjust upward or downwrd symmetrically with unexpected price increases or decreases. Indexation typically is asymmetric in actual contracts, however. Wages are indexed to price increases but not to price reductions.
James P. Cover, David D. van Hoose
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Models of wage indexation uniformly have been based on the simplifying assumption that nominal wages adjust upward or downwrd symmetrically with unexpected price increases or decreases. Indexation typically is asymmetric in actual contracts, however. Wages are indexed to price increases but not to price reductions.
James P. Cover, David D. van Hoose
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INTEREST RATES AND WAGE INDEXATION
International Economic Journal, 1988This Paper shows that if wages are indexed to intrest rate and price level in a certain combination the effect of monetary disturbances can be removed. Further, it is shown that the indexation coefficients can be optimally chosen so that the effect of real distrubances on output is minimised.
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NOMINAL WAGE INDEXATION, QUASI‐EQUILIBRIA AND REAL WAGE DYNAMICS
Bulletin of Economic Research, 2010ABSTRACTIn contrast to the traditional static approach to indexation, this paper analyses the dynamic consequences for real wages of the mechanism that links nominal wages to inflation. Revisiting a contribution by Dehez and Fitoussi on macroeconomic fluctuations, I analyse a monetary overlapping generations small open economy in which full indexation ...
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Efficiency wages, wage indexation and macroeconomic stabilization
Economics Letters, 1989Abstract This paper examines the effects of nominal wage indexation on output variability when effort affects the productivity of labor inputs. Given this specification, it is shown that, contrary to Gray's (1976) result, full wage indexation is not destabilizing in the presence of supply shocks.
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Wage indexation and macroeconomics stability
Carnegie-Rochester Conference Series on Public Policy, 1977This is a revised version of a paper presented at the Helsinki Conference on the Monetary Mechanism in Open Economies, August ...
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Optimal Wage Indexation in a Multisector Economy
International Economic Review, 1991Optimal wage indexation is analyzed in an economy subject to common and sector-specific supply shocks and aggregate demand shocks where one sector has wage contracts and the other has a Walrasian labor market. It is shown that it is optimal in this setting to index wages partially to unanticipated economywide inflation and to industry-specific profits.
Duca, John V, VanHoose, David D
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On the frequency of wage indexation
European Economic Review, 1983Abstract This paper analyzes the optimal frequency of wage indexation. It demonstrates that a change in the expected value of money does not affect the optimal frequency, but that an increase in the riskiness of the value of money leads to an increase in the optimal frequency. An increase in the worker's risk aversion also leads to an increase in the
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