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Wages and Monetary Policy in Italy Before and After the Wage Agreements

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  • Sergio DESTEFANIS

    (Universita' di Salerno)

  • Giuseppe MASTROMATTEO

    (Universita' Cattolica di Milano)

  • Giovanni VERGA

    (Universita' di Parma)

Abstract

We examine the influence of the 1992 and 1993 wage agreements on the disinflation experienced in Italy through the 1990s, providing econometric estimates both for the reaction function of the Bank of Italy and for 2-digit industry wage equations. We rely on industry-level measures for the degree of indexation, and find that, after the agreements, wage setters became more forward-looking and expectations were to some extent influenced by the target rate of inflation. The relationships between wages and the other main labour market variables were not much affected by the agreements.

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Bibliographic Info

Article provided by Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore in its journal Rivista Internazionale di Scienze Sociali.

Volume (Year): 113 (2005)
Issue (Month): 2 ()
Pages: 289-318

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Handle: RePEc:vep:journl:y:2005:v:113:i:2:p:289-318

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Related research

Keywords: regional wage differentials; collective bargaining.;

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Cited by:
  1. Francesco Pastore, 2010. "Assessing the impact of incomes policy: the Italian experience," International Journal of Manpower, Emerald Group Publishing, Emerald Group Publishing, vol. 31(7), pages 793-817, November.
  2. Devicienti, Francesco & Maida, Agata & Pacelli, Lia, 2008. "The resurrection of the Italian wage curve," Economics Letters, Elsevier, Elsevier, vol. 98(3), pages 335-341, March.
  3. Guido de Blasio & Samuele Poy, 2014. "The impact of local minimum wages on employment: evidence from Italy in the 1950s," Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area 953, Bank of Italy, Economic Research and International Relations Area.
  4. DESTEFANIS, Sergio & PICA, Giovanni, 2011. "The Wage Curve an Italian Perspective," CELPE Discussion Papers, CELPE - Centre of Labour Economics and Economic Policy, University of Salerno, Italy 117, CELPE - Centre of Labour Economics and Economic Policy, University of Salerno, Italy.
  5. Francesco Devicienti & Agata Maida & Paolo Sestito, 2007. "Downward Wage Rigidity in Italy: Micro-Based Measures and Implications," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 117(524), pages F530-F552, November.
  6. Andrea Brandolini & Piero Casadio & Piero Cipollone & Marco Magnani & Alfonso Rosolia, 2007. "Employment Growth in Italy in the 1990s: Institutional Arrangements and Market Forces," AIEL Series in Labour Economics, AIEL - Associazione Italiana Economisti del Lavoro, in: Nicola Acocella & Riccardo Leoni (ed.), Social Pacts, Employment and Growth. A Reappraisal of Ezio Tarantelli’s Thought, edition 1, chapter 4, pages 31-68 AIEL - Associazione Italiana Economisti del Lavoro.
  7. Mauro Costantini & Sergio de Nardis, 2007. "Estimates of Structural Changes in the Wage Equation:Some Evidence for Italy," ISAE Working Papers, ISTAT - Italian National Institute of Statistics - (Rome, ITALY) 86, ISTAT - Italian National Institute of Statistics - (Rome, ITALY).
  8. Casadio Piero, 2010. "Firm level wage bargaining and territorial wage differentials: evidence from the Bank of Italy survey on firms," Politica economica, Società editrice il Mulino, Società editrice il Mulino, issue 2, pages 241-292.
  9. Bruno Chiarini & Paolo Piselli, 2012. "Equilibrium earning premium and pension schemes: The long-run macroeconomic effects of the union," Discussion Papers, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy 2_2012, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy.
  10. Piero, Casadio, 2010. "Contrattazione aziendale integrativa e differenziali salariali territoriali: informazioni dall'indagine sulle imprese della Banca d'Italia," MPRA Paper 29384, University Library of Munich, Germany.

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