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La determinazione dei salari in Italia: rigidità reali e nominali prima e dopo gli accordi di politica dei redditi

Author

Listed:
  • Francesco DEVICIENTI
  • Agata MAIDA

    (Universita' di Torino)

  • Paolo SESTITO

    (Banca d'Italia e Ministero del lavoro e delle Politiche Sociali)

Abstract

This paper estimates the extent of downward wage rigidity in Italy using a micro-econometric model and the recently released WHIP longitudinal data. The econometric approach distinguishes between downward nominal wage rigidity – i.e., the impediment to nominal wage cuts – and downward real wage rigidity – i.e., when nominal wages cannot grow by less than a minimum positive threshold. The model accounts for measurement error and flexibly specifies the counterfactual, rigidity-free wage change distribution. The period analyzed goes from the mid eighties to the end of the century, within which the 1992-1993 income agreements – with the abolition of the scala mobile – are situated. Overall, downward wage rigidity impacts on about 70% of the observations. However, in the periods following the income agreements, the impact of wage rigidity is reduced, in particular with regards to real rigidities (with a slight increase in nominal rigidities). In each sub-period, however, real rigidities prevail over nominal rigidities.

Suggested Citation

  • Francesco DEVICIENTI & Agata MAIDA & Paolo SESTITO, 2005. "La determinazione dei salari in Italia: rigidità reali e nominali prima e dopo gli accordi di politica dei redditi," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 113(2), pages 319-344.
    • Handle: RePEc:vep:journl:y:2005:v:113:i:2:p:319-344
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    More about this item

    Keywords

    downward wage rigidity; real effects of inflation; collective bargaining; switching regime model; indexation.;
    All these keywords.

    JEL classification:

    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J51 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Trade Unions: Objectives, Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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