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Inflation and Wage Indexation in the Postwar United States

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  • Holland, A Steven

Abstract

This paper examines the relationship between inflation and wage indexation in the postwar United States using data on the prevalence of cost-of-living adjustments in major collective bargaining agreements. The author finds that increases in inflation precede increases in wage indexation but reductions in inflation do not precede reductions in wage indexation. There is virtually no evidence that wage indexation affects inflation. Copyright 1995 by MIT Press.

Suggested Citation

  • Holland, A Steven, 1995. "Inflation and Wage Indexation in the Postwar United States," The Review of Economics and Statistics, MIT Press, vol. 77(1), pages 172-176, February.
    • Handle: RePEc:tpr:restat:v:77:y:1995:i:1:p:172-76
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    Cited by:

    1. Hofmann, Boris & Peersman, Gert & Straub, Roland, 2012. "Time variation in U.S. wage dynamics," Journal of Monetary Economics, Elsevier, vol. 59(8), pages 769-783.
    2. Jeremy J. Nalewaik, 2016. "Inflation Expectations and the Stabilization of Inflation : Alternative Hypotheses," Finance and Economics Discussion Series 2016-035, Board of Governors of the Federal Reserve System (U.S.).
    3. Antoine Martin & Cyril Monnet, 2000. "When should labor contracts be nominal?," Working Papers 603, Federal Reserve Bank of Minneapolis.
    4. Kanago, Bryce, 1998. "The Relation between Contract Duration and Inflation Uncertainty: Further Evidence," Journal of Macroeconomics, Elsevier, vol. 20(4), pages 811-819, October.
    5. Duca, John V. & Vanhoose, David D., 1998. "The Rise of Goods-Market Competition and the Decline in Wage Indexation: A Macroeconomic Approach," Journal of Macroeconomics, Elsevier, vol. 20(3), pages 579-598, July.
    6. Víctor López Pérez, 2003. "Wage Indexation and Inflation Persistence," Working Papers wp2003_0303, CEMFI.
    7. Mukerji, Sujoy & Tallon, Jean-Marc, 2004. "Ambiguity aversion and the absence of wage indexation," Journal of Monetary Economics, Elsevier, vol. 51(3), pages 653-670, April.
    8. Maurizio Bovi, 2020. "A time-varying expectations formation mechanism," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 37(1), pages 69-103, April.
    9. Duca, John V. & Van Hoose, David D., 2001. "The Rise of Goods-Market Competition and the Fall of Nominal Wage Contracting: Endogenous Wage Contracting in a Multisector Economy," Journal of Macroeconomics, Elsevier, vol. 23(1), pages 1-29, January.
    10. James F. Ragan & Bernt Bratsberg, 2000. "Un‐COLA: Why Have Cost‐of‐Living Clauses Disappeared from Union Contracts and Will They Return?," Southern Economic Journal, John Wiley & Sons, vol. 67(2), pages 304-324, October.
    11. Reicher, Christopher Phillip, 2011. "Sticky wages in search and matching models in the short and long run," Kiel Working Papers 1722, Kiel Institute for the World Economy (IfW Kiel).

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