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The degree of indexation in major U.S. contracts

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  • Roger T. Kaufman
  • Geoffrey Woglom

Abstract

The authors propose that the most appropriate measure of the degree of indexation in a union contract is the marginal elasticity of the average expected wage during the life of the contract with respect to unanticipated changes in the price level. They present estimates of this elasticity for 68 U.S. contracts negotiated between 1971 and 1983 with cost-of-living escalators. The average degree of indexation in the sample, .48, is considerably smaller than previous estimates of similar marginal elasticities because the estimation method more accurately incorporates caps, minimum COLAs, and the exact specification of the COLA clauses. (Abstract courtesy JSTOR.)

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Bibliographic Info

Article provided by ILR Review, Cornell University, ILR School in its journal ILR Review.

Volume (Year): 39 (1986)
Issue (Month): 3 (April)
Pages: 439-448

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Handle: RePEc:ilr:articl:v:39:y:1986:i:3:p:439-448

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Cited by:
  1. Graham, Liam & Snower, Dennis J., 2013. "Hyperbolic Discounting And Positive Optimal Inflation," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 17(03), pages 591-620, April.
  2. Esteban Jadresic, 2002. "The Macroeconomic COnsequences of Wage Indexation Revisited," Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile, in: Fernando Lefort & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Serie (ed.), Indexation, Inflation and Monetary Policy, edition 1, volume 2, chapter 8, pages 207-258 Central Bank of Chile.
  3. Esteban Jadresic, 1998. "The Macroeconomic Consequences of Wage Indexation Revisited," IMF Working Papers, International Monetary Fund 98/15, International Monetary Fund.

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