We examine the influence of the 1992 and 1993 wage agreements on the disinflation experienced in Italy through the 1990s, providing econometric estimates both for the reaction function of the Bank of Italy and for 2-digit industry wage equations. We rely on industry-level measures for the degree of indexation, and find that, after agreements, wage setters became more forward-looking and expectations were to some extent influenced by the target rate of inflation. The relationship between wages and the other main labour market variables were not much affected by the agreements.
Wages and Monetary Policy in Italy Before and After the Wage Agreements / Destefanis, Sergio; Mastromatteo, Giuseppe; Verga, Giovanni. - In: RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI. - ISSN 0035-676X. - 2:(2005), pp. 147-176.
Wages and Monetary Policy in Italy Before and After the Wage Agreements
VERGA, Giovanni
2005-01-01
Abstract
We examine the influence of the 1992 and 1993 wage agreements on the disinflation experienced in Italy through the 1990s, providing econometric estimates both for the reaction function of the Bank of Italy and for 2-digit industry wage equations. We rely on industry-level measures for the degree of indexation, and find that, after agreements, wage setters became more forward-looking and expectations were to some extent influenced by the target rate of inflation. The relationship between wages and the other main labour market variables were not much affected by the agreements.| File | Dimensione | Formato | |
|---|---|---|---|
|
verga_destefanis_mastro.pdf
non disponibili
Tipologia:
Documento in Post-print
Licenza:
Creative commons
Dimensione
1.3 MB
Formato
Adobe PDF
|
1.3 MB | Adobe PDF | Visualizza/Apri Richiedi una copia |
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
