Advanced search
1 file | 2.35 MB Add to list

Wage indexation and the monetary policy regime

Selien De Schryder (UGent) , Gert Peersman (UGent) and Joris Wauters (UGent)
Author
Organization
Abstract
We estimate a New Keynesian wage Phillips curve for a panel of 24 OECD countries and allow the degree of wage indexation to past inflation to vary according to structural characteristics. We find that the degree of wage indexation is significantly lower for countries with an inflation target. However, this effect vanishes when we control for the degree of goods market competition. By contrast, more goods market competition is consistently associated with lower wage indexation. This robust finding puts into question whether embedding a constant degree of wage indexation in standard DSGE models is truly structural.
Keywords
Economics and Econometrics, Wage indexation, Monetary policy regimes, Cross-country panel, Phillips curve, INFLATION PERSISTENCE, UNION CONTRACTS, INDEPENDENCE, PERFORMANCE, ADJUSTMENT, CLAUSES, MODELS

Downloads

  • (...).pdf
    • full text (Published version)
    • |
    • UGent only
    • |
    • PDF
    • |
    • 2.35 MB

Citation

Please use this url to cite or link to this publication:

MLA
De Schryder, Selien, et al. “Wage Indexation and the Monetary Policy Regime.” JOURNAL OF MACROECONOMICS, vol. 63, 2020, doi:10.1016/j.jmacro.2019.103166.
APA
De Schryder, S., Peersman, G., & Wauters, J. (2020). Wage indexation and the monetary policy regime. JOURNAL OF MACROECONOMICS, 63. https://doi.org/10.1016/j.jmacro.2019.103166
Chicago author-date
De Schryder, Selien, Gert Peersman, and Joris Wauters. 2020. “Wage Indexation and the Monetary Policy Regime.” JOURNAL OF MACROECONOMICS 63. https://doi.org/10.1016/j.jmacro.2019.103166.
Chicago author-date (all authors)
De Schryder, Selien, Gert Peersman, and Joris Wauters. 2020. “Wage Indexation and the Monetary Policy Regime.” JOURNAL OF MACROECONOMICS 63. doi:10.1016/j.jmacro.2019.103166.
Vancouver
1.
De Schryder S, Peersman G, Wauters J. Wage indexation and the monetary policy regime. JOURNAL OF MACROECONOMICS. 2020;63.
IEEE
[1]
S. De Schryder, G. Peersman, and J. Wauters, “Wage indexation and the monetary policy regime,” JOURNAL OF MACROECONOMICS, vol. 63, 2020.
@article{8644247,
  abstract     = {{We estimate a New Keynesian wage Phillips curve for a panel of 24 OECD countries and allow the degree of wage indexation to past inflation to vary according to structural characteristics. We find that the degree of wage indexation is significantly lower for countries with an inflation target. However, this effect vanishes when we control for the degree of goods market competition. By contrast, more goods market competition is consistently associated with lower wage indexation. This robust finding puts into question whether embedding a constant degree of wage indexation in standard DSGE models is truly structural.}},
  articleno    = {{103166}},
  author       = {{De Schryder, Selien and Peersman, Gert and Wauters, Joris}},
  issn         = {{0164-0704}},
  journal      = {{JOURNAL OF MACROECONOMICS}},
  keywords     = {{Economics and Econometrics,Wage indexation,Monetary policy regimes,Cross-country panel,Phillips curve,INFLATION PERSISTENCE,UNION CONTRACTS,INDEPENDENCE,PERFORMANCE,ADJUSTMENT,CLAUSES,MODELS}},
  language     = {{eng}},
  pages        = {{19}},
  title        = {{Wage indexation and the monetary policy regime}},
  url          = {{http://doi.org/10.1016/j.jmacro.2019.103166}},
  volume       = {{63}},
  year         = {{2020}},
}

Altmetric
View in Altmetric
Web of Science
Times cited: