Wage-setting patterns and monetary policy: International evidence

• 成果类型: Article
• 署名作者: Olivei, Giovanni; Tenreyro, Silvana
• 署名单位: Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; Federal Reserve System - USA; Federal Reserve Bank - Boston
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2010.08.003
• 发表日期: 2010
• 页码: 785-802

摘要

Systematic differences in the timing of wage-setting decisions among industrialized countries provide an ideal framework to study the importance of wage rigidity for the transmission of monetary policy. Synchronization in wage-setting decisions is prevalent in Japan and the United States, yielding varying degrees of wage rigidity within the year: instead, in France, Germany, and the United Kingdom decisions are more uniformly spread over time. Exploiting within-year variation in the timing of wage-setting decisions in these economies, we find support for the long-held but scarcely tested view that wage rigidity plays a critical role in the transmission of monetary policy. (C) 2010 Elsevier B.V. All rights reserved.