The Effects of Forward-Versus Backward-Looking Wage Indexationon Price Stabilization Programs

The Effects of Forward-Versus Backward-Looking Wage Indexationon Price Stabilization Programs
A standard open-economy model is used to show that price stabilization programs are more likely to succeed if labor contracts specify forward-looking wage indexation. Compared with contracts specifying backward-looking wage indexation or wages based on static expectations, such contracts will result in a greater reduction in inflation with lower... READ MORE...

Publication date: April 1997
ISBN 9781451845655
$15.00

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