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Wage Indexation, Inflation Inertia And The Cost Of Disinflation

  • JAVIER GUILLERMO GOMEZ PINEDA

    ()

Cuáles son las consecuencias de las negociaciones salariales sobre la política monetaria en una país en transición a un menor nivel de inflación? Mostramos que la indexación de los salarios a la inflación esperada, la mayor credibilidad del banco central y la mayor frecuencia de los ajustes salariales puede aumentar el efecto de la política monetaria y reducir el costo de la desinflación. Importantes ganancias en términos de bienestar pueden obtenerse por medio del mejor cumplimiento de las metas de inflación y de la mayor precisión en los pronósticos de inflación pues esto aumenta la credibilidad del banco central. Políticas salariales como la propuesta por la Corte Constitucional de Colombia pueden tener importantes consecuencias negativas en términos de producto y salarios reales.

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Article provided by BANCO DE LA REPÚBLICA - ESPE in its journal ENSAYOS SOBRE POLÍTICA ECONÓMICA.

Volume (Year): (2003)
Issue (Month): ()
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Handle: RePEc:col:000107:003769
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  1. Laurence Ball, 1993. "What Determines the Sacrifice Ratio?," NBER Working Papers 4306, National Bureau of Economic Research, Inc.
  2. Ball, Laurence, 1994. "Credible Disinflation with Staggered Price-Setting," American Economic Review, American Economic Association, vol. 84(1), pages 282-89, March.
  3. Esteban Jadresic, 1996. "Wage Indexation and the Cost of Disinflation," IMF Working Papers 96/48, International Monetary Fund.
  4. Ball, Laurence & Cecchetti, Stephen G, 1991. "Wage Indexation and Discretionary Monetary Policy," American Economic Review, American Economic Association, vol. 81(5), pages 1310-19, December.
  5. Bankim Chadha & Paul R. Masson & Guy Meredith, 1992. "Models of Inflation and the Costs of Disinflation," IMF Staff Papers, Palgrave Macmillan, vol. 39(2), pages 395-431, June.
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  8. Rudiger Dornbusch & Stanly Fischer, 1992. "Inflación moderada," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
  9. Esteban Jadresic, 1996. "Wage Indexation and the Cost of Disinflation," IMF Staff Papers, Palgrave Macmillan, vol. 43(4), pages 796-825, December.
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  11. N. Gregory Mankiw, 1994. "Monetary Policy," NBER Books, National Bureau of Economic Research, Inc, number greg94-1, December.
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  13. Javier Gómez & Juan Manuel Julio, . "Transmission Mechanisms and Inflation Targeting: The Case of Colombia Disinflation," Borradores de Economia 168, Banco de la Republica de Colombia.
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  15. Rudiger Dornbusch & Stanley Fischer, 1992. "La inflación moderada," Economía Mexicana NUEVA ÉPOCA, , vol. 0(1), pages 5-70, January-J.
  16. Taylor, John B, 1980. "Aggregate Dynamics and Staggered Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 1-23, February.
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  18. Fischer, Stanley & Summers, Lawrence H, 1989. "Should Governments Learn to Live with Inflation?," American Economic Review, American Economic Association, vol. 79(2), pages 382-87, May.
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