Wage-setting patterns and monetary policy: International evidence
Systematic differences in the timing of wage-setting decisions among industrialized countries provide an ideal framework to study the importance of wage rigidity for the transmission of monetary policy. Synchronization in wage-setting decisions is prevalent in Japan and the United States, yielding v...
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| Veröffentlicht in: | Journal of monetary economics 2010-10, Vol.57 (7), p.785-802 |
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| container_title | Journal of monetary economics |
| container_volume | 57 |
| creator | Olivei, Giovanni Tenreyro, Silvana |
| description | Systematic differences in the timing of wage-setting decisions among industrialized countries provide an ideal framework to study the importance of wage rigidity for the transmission of monetary policy. Synchronization in wage-setting decisions is prevalent in Japan and the United States, yielding varying degrees of wage rigidity within the year; instead, in France, Germany, and the United Kingdom decisions are more uniformly spread over time. Exploiting within-year variation in the timing of wage-setting decisions in these economies, we find support for the long-held but scarcely tested view that wage rigidity plays a critical role in the transmission of monetary policy. |
| doi_str_mv | 10.1016/j.jmoneco.2010.08.003 |
| format | Article |
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| ispartof | Journal of monetary economics, 2010-10, Vol.57 (7), p.785-802 |
| issn | 0304-3932 1873-1295 |
| language | eng |
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| source | RePEc; Elsevier ScienceDirect Journals |
| subjects | Collective bargaining Cross-national analysis Decision making France Germany Industrialized nations International Japan Monetary policy Studies U.S.A United Kingdom Wage behaviour Wage determination Wage policy Wage rigidity Wage structure Wages & salaries |
| title | Wage-setting patterns and monetary policy: International evidence |
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