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A note on the welfare consequences of wage indexing in a stochastic economy
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Autores
Orientador(es)
Resumo(s)
This note surveys the welfare and real consequences of wage indexing in a stochastic economy whose monetary authority lacks credibility. It shows in a unified framework that those consequences might differ markedly depending on the nature and timing of the dominant disturbance in that economy. It finally provides a closed-form expression of the optimal level of wage indexing when all the shocks are taken into account.
Descrição
Palavras-chave
Monetary policy Credibility Wage indexation
Contexto Educativo
Citação
Méon, Pierre-Guillaume (2004). "A note on the welfare consequences of wage indexing in a stochastic economy". Portuguese Economic Journal, 3(3):179-187
Editora
Springer Verlag