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Policy Coordination Between Wages and Exchange Rates in Singapore

In: Encyclopedia of Finance

Author

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  • Ying Wu

    (Salisbury University)

Abstract

Singapore’s unique experience in macroeconomic management involves the government’s engagement in a tripartite collective bargaining and its influence on the macroeconomic policy game in wages and exchange rates in response to inflation and output volatility. The period from the mid-1980s to mid-1990s features the policy game with a Nash equilibrium in the level of wages and exchange rates and a non-Nash equilibrium in wage growth and exchange rate appreciations. Based on the empirical evidence in the period, the models used in this study suggest that wage and exchange-rate police are a pair of complements both at their levels (Nash equilibrium) and at their percentage changes (non-Nash equilibrium).

Suggested Citation

  • Ying Wu, 2022. "Policy Coordination Between Wages and Exchange Rates in Singapore," Springer Books, in: Cheng-Few Lee & Alice C. Lee (ed.), Encyclopedia of Finance, edition 0, chapter 48, pages 1137-1148, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-91231-4_48
    DOI: 10.1007/978-3-030-91231-4_48
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    More about this item

    Keywords

    Effective exchange rates; Collective bargaining; Nash equilibrium; Unit labor cost National Wages Council; Monetary Authority of Singapore;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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