Wages and Monetary Policy in Italy Before and After the Wage Agreements
AbstractWe 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 InfoArticle 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 ()
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regional wage differentials; collective bargaining.;
Find related papers by JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
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