The Optimal Mix of Wage Indexation and Foreign Exchange Market Intervention
AbstractThis paper develops a model in which wage indexation and foreign exchange market intervention can be used simultaneously for policy purposes. With the type of wage indexation used, there is shown to be a clear separation of function between the two instruments. Intervention should be used only to offset demand-side disturbances, while indexation should depend upon both demand and supply disturbances. Copyright 1988 by Ohio State University Press.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 20 (1988)
Issue (Month): 3 (August)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
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- Mayes, David & Vilmunen, Jouko, 1999. "Unemployment in a Small Open Economy: Finland and New Zealand," Research Discussion Papers 10/1999, Bank of Finland.
- Oscar Landerretche & Fernando Lefort & Rodrigo O. Valdés, 2002. "Causes and Consequences of Indexation: A Review of the Literature," Central Banking, Analysis, and Economic Policies Book Series, 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 2, pages 019-064 Central Bank of Chile.
- Peter Stemp, 1993. "Optimal money supply rules under asymmetric objective criteria," Journal of Economics, Springer, vol. 57(3), pages 215-232, October.
- Juha Kilponen & David Mayes & Jouko Vilmunen, 1999.
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