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Wage Indexation, Inflation Inertia And The Cost Of Disinflation

  • JAVIER GUILLERMO GOMEZ PINEDA

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    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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    File URL: http://www.banrep.gov.co/docum/ensayos/pdf/espe_043-3.pdf
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    Article provided by BANCO DE LA REPÚBLICA - ESPE in its journal ENSAYOS SOBRE POLÍTICA ECONÓMICA.

    Volume (Year): (2003)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:col:000107:003769
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    1. Laurence M. Ball & David Romer, 1987. "Are Prices Too Sticky?," NBER Working Papers 2171, National Bureau of Economic Research, Inc.
    2. Ray C. Fair & John B. Taylor, 1980. "Solution and Maximum Likelihood Estimation of Dynamic Nonlinear RationalExpectations Models," NBER Technical Working Papers 0005, National Bureau of Economic Research, Inc.
    3. Robert J. Barro & David B. Gordon, 1981. "A Positive Theory of Monetary Policy in a Natural-Rate Model," NBER Working Papers 0807, National Bureau of Economic Research, Inc.
    4. Guy Meredith & Bankim Chadha & Paul R. Masson, 1991. "Models of Inflation and the Costs of Disinflation," IMF Working Papers 91/97, International Monetary Fund.
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