EXCHANGE-RATE POLICY, UNION WAGE INDEXATION AND CREDIBILITY
成果类型：
Article
署名作者：
RASMUSSEN, BS
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(93)90009-M
发表日期：
1993
页码：
151-167
关键词：
摘要：
Optimal exchange rate regimes for small open economies with economy-wide wage setting and privately optimal wage indexation schemes are analysed. A fully discretionary. exchange rate regime (a managed float) offers flexibility while a credible fixed exchange rate regime offers price stability. Due to the time-inconsistency problem optimal wage indexation under a managed float may imply complete indexation of wages to prices. A managed float is shown to be unambiguously superior to a binding fixed exchange rate regime if wage setters value price stability as high as the policy-maker does.