Arbeitspapier
Nominal Wage Flexibility, Wage Indexation and Monetary Union
Membership in a monetary union implies stronger incentives for nominal wage flexibility in the form of wage indexation and shorter contract length than nonmembership. For example, entry into a monetary union may cause a move from a non-indexation to an indexation equilibrium. But more wage flexibility is only an imperfect substitute for an own monetary policy. It is possible that an increase in wage flexibility is welfare-decreasing because of the accompanying rise in price variability. The interaction between wage setting and central bank behaviour may result in either multiple equilibria or a unique full-indexation equilibrium.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 761
- Klassifikation
-
Wirtschaft
- Thema
-
nominal wage flexibility
wage indexation
monetary union
asymmetric shocks
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Calmfors, Lars
Johansson, Åsa
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2002
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Calmfors, Lars
- Johansson, Åsa
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2002
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