THE DETERMINANTS OF WAGE CHANGES IN INDEXED AND NONINDEXED CONTRACTS - A SWITCHING MODEL

• 成果类型: Article
• 署名作者: PRESCOTT, D; WILTON, D
• 署名单位: University of Waterloo
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/298290
• 发表日期: 1992
• 页码: 331-355
• 关键词: union contracts; clauses; indexation; adjustment

摘要

Wage changes in a sample (1979-86) of Canadian wage contracts are analyzed. The sample is split into cost-of-living allowance (COLA) and non-COLA contracts. Econometric estimation corrects for sample selectivity bias. In non-COLA contracts, the unemployment rate and a proxy for expected inflation are significant. Expected industry price changes and productivity changes exert smaller but significant effects. In COLA contracts, ex ante inflation coverage ranges between 60% and 100% of expected inflation. Catch-up for previous uncompensated inflation, the unemployment rate, and expected inflation are also significant. A common wage structure across COLA and non-COLA contracts is rejected by the data.