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Wage Indexation and the Cost of Disinflation

Wage Indexation and the Cost of Disinflation »

Source: Wage Indexation and the Cost of Disinflation

Volume/Issue: 1996/48

Series: IMF Working Papers

Author(s): Esteban Jadresic

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1996

ISBN: 9781451846690

Keywords: wage, inflation, wages, wage indexation, money growth

While a standard academic presumption has been that wage indexation reduces the cost of disinflation, policymakers generally contend that wage indexing makes disinflation more difficult. To shed light on these view...

European Wage Dynamics and Spillovers

European Wage Dynamics and Spillovers »

Source: European Wage Dynamics and Spillovers

Volume/Issue: 2019/156

Series: IMF Working Papers

Author(s): Yuanyan Sophia Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2019

ISBN: 9781498319294

Keywords: Labor market reforms, Labor markets, Real wages, Labor costs, Labor productivity, wages, spillovers, Phillips curve, non-employment, European Union

Wage rises have remained stubbornly low in advanced Europe in recent years, but, at the same time, newer EU members are experiencing rapid wage acceleration. This paper investigates the drivers of this wage diverge...

Wage Indexation and the Cost of Disinflation

Wage Indexation and the Cost of Disinflation »

Volume/Issue: 1996/48

Series: IMF Working Papers

Author(s): Esteban Jadresic

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1996

DOI: http://dx.doi.org/10.5089/9781451846690.001

ISBN: 9781451846690

Keywords: wage, inflation, wages, wage indexation, money growth

While a standard academic presumption has been that wage indexation reduces the cost of disinflation, policymakers generally contend that wage indexing makes disinflation more difficult. To shed light on these view...

The Negative Mean Output Gap

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The Negative Mean Output Gap »

Source: The Negative Mean Output Gap

Volume/Issue: 2019/183

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Simon Voigts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

ISBN: 9781513511740

Keywords: Accounting systems, Bank rates, Bond yields, Business cycles, Capital, Capital stocks, Central banking, Central banks, Consumption, Cost of capital

We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns...

Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs

Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs »

Source: Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs

Volume/Issue: 2014/128

Series: IMF Working Papers

Author(s): Francesco Furlanetto , Paolo Gelain , and Marzie Taheri Sanjani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2014

ISBN: 9781498305327

Keywords: Business cycles, Economic growth, Econometric models, Potential output, Macroprudential Policy, Monetary policy, Financial Frictions, Optimal Monetary Policy, Output Gap, inflation

The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial...

European Wage Dynamics and Spillovers

European Wage Dynamics and Spillovers »

Volume/Issue: 2019/156

Series: IMF Working Papers

Author(s): Yuanyan Sophia Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2019

DOI: http://dx.doi.org/10.5089/9781498319294.001

ISBN: 9781498319294

Keywords: Labor market reforms, Labor markets, Real wages, Labor costs, Labor productivity, wages, spillovers, Phillips curve, non-employment, European Union

Wage rises have remained stubbornly low in advanced Europe in recent years, but, at the same time, newer EU members are experiencing rapid wage acceleration. This paper investigates the drivers of this wage diverge...

The Negative Mean Output Gap

New
The Negative Mean Output Gap »

Volume/Issue: 2019/183

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Simon Voigts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

DOI: http://dx.doi.org/10.5089/9781513511740.001

ISBN: 9781513511740

Keywords: Accounting systems, Bank rates, Bond yields, Business cycles, Capital, Capital stocks, Central banking, Central banks, Consumption, Cost of capital

We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns...

Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs

Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs »

Volume/Issue: 2014/128

Series: IMF Working Papers

Author(s): Francesco Furlanetto , Paolo Gelain , and Marzie Taheri Sanjani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2014

DOI: http://dx.doi.org/10.5089/9781498305327.001

ISBN: 9781498305327

Keywords: Business cycles, Economic growth, Econometric models, Potential output, Macroprudential Policy, Monetary policy, Financial Frictions, Optimal Monetary Policy, Output Gap, inflation

The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial...