REFERENCE NORMS, STAGGERED WAGES, AND WAGE LEADERSHIP: THEORETICAL IMPLICATIONS AND EMPIRICAL EVIDENCE

• 成果类型: Article
• 署名作者: Knell, Markus; Stiglbauer, Alfred
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2012.00692.x
• 发表日期: 2012
• 页码: 569-592
• 关键词: sticky-price models; business-cycle; persistence; RIGIDITY; fluctuations; unemployment; DYNAMICS; shocks

摘要

This article presents an extension of the Taylor model with staggered wages in which wage setting is also influenced by reference norms. We show that reference norms can considerably increase the persistence of inflation but that the size of this effect depends on the exact definition (e.g., external vs. internal, symmetric vs. asymmetric norms). Using data on collectively bargained wages in Austria from 1980 to 2006 we show that wage setting is strongly influenced by reference norms, that external norms seem to matter more than internal norms, and that there is a clear indication for the existence of wage leadership (asymmetric norms).