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Forward-Looking Wages and Nominal Inertia in the ERM

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  • Anderton, Bob
  • Barrell, Ray
  • in't Veld, Jan Willem
  • Pittis, Nikitas

Abstract

The purpose of this note is to discuss the role of forward-looking behaviour in wage formation in the major economies, and to analyse the implications for policy analysis using the National Institute Global Econometric Model, NIGEM. Our policy analyses are directed at issues relating to the ERM. The first section of the note discusses nominal inertia and staggered contracts (see Taylor, 1980), whilst the second discusses bargaining and wage formation, using the analysis discussed in Layard, Nickell and Jackman (1991). The third section discusses some empirical work on wages undertaken at the Institute, whilst the fourth section analyses the implications of forward-looking wages for our model NIGEM. The final section concludes.

Suggested Citation

  • Anderton, Bob & Barrell, Ray & in't Veld, Jan Willem & Pittis, Nikitas, 1992. "Forward-Looking Wages and Nominal Inertia in the ERM," National Institute Economic Review, National Institute of Economic and Social Research, vol. 141, pages 94-105, August.
    • Handle: RePEc:cup:nierev:v:141:y:1992:i::p:94-105_8
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