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Some Macroeconomic and Monetary Policy Implications of New Micro Evidence on Wage Dynamics

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Author Info

  • Grégory de Walque
  • Juan Jimeno
  • Michael Krause
  • Hervé Le Bihan
  • Stephen Millard
  • Frank Smets

Abstract

This paper investigates the macroeconomic relevance of new findings regarding nominal wage stickiness, wage indexation, wage staggering and synchronisation, and downward nominal and real wage rigidity in the euro area. Quantifying the relevance of this evidence for monetary policy remains to be fully resolved, but our results suggest that countries with lower indexation and higher wage stickiness for newly hired workers experience higher employment volatility and lower inflation volatility, and that wage staggering and synchronisation of wage changes in particular months result in less persistence in real wages and inflation. (JEL: E24, E52) (c) 2010 by the European Economic Association.

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Bibliographic Info

Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 8 (2010)
Issue (Month): 2-3 (04-05)
Pages: 506-513

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Handle: RePEc:tpr:jeurec:v:8:y:2010:i:2-3:p:506-513

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Cited by:
  1. Juillard, M. & Le Bihan, H. & Millard, S., 2013. "Non-uniform wage-staggering: European evidence and monetary policy implications," Working papers 442, Banque de France.
  2. Avouyi-Dovi, S. & Fougère, D. & Gautier, E., 2010. "Wage rigidity, collective bargaining and the minimum wage: evidence from French agreement data," Working papers 287, Banque de France.
  3. Aurelijus Dabušinskas & Tairi Rõõm, 2011. "Survey evidence on wage and price setting in Estonia," Bank of Estonia Working Papers wp2011-06, Bank of Estonia, revised 27 May 2011.
  4. G. de Walque & M. Druant & Ph. Du Caju & C. Fuss, 2010. "Lessons of the Wage Dynamics Network," Economic Review, National Bank of Belgium, issue I, pages 55-75, June.

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