Wage-setting patterns and monetary policy: international evidence

Olivei, Giovanni and Tenreyro, Silvana ORCID: 0000-0002-9816-7452 (2010) Wage-setting patterns and monetary policy: international evidence. Journal of Monetary Economics, 57 (7). 785 - 802. ISSN 0304-3932

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Abstract

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.

Item Type:	Article
Official URL:	https://www.sciencedirect.com/journal/journal-of-m...
Additional Information:	© 2010 Elsevier B.V.
Divisions:	Economics
Subjects:	H Social Sciences > HC Economic History and Conditions H Social Sciences > HJ Public Finance
Date Deposited:	07 Mar 2011 16:23
Last Modified:	01 Nov 2024 04:20
URI:	http://eprints.lse.ac.uk/id/eprint/33139

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