Olivei, Giovanni and Tenreyro, Silvana (2010) Wage-setting patterns and monetary policy: international evidence. Journal of monetary economics, 57 (7). pp. 785-802. ISSN 0304-3932
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: | http://www.elsevier.com/wps/find/journaldescriptio... |
| Additional Information: | © 2010 Elsevier B.V. |
| Uncontrolled Keywords: | settlements, prices, shocks, bank |
| Library of Congress subject classification: | H Social Sciences > HC Economic History and Conditions H Social Sciences > HJ Public Finance |
| Sets: | Departments > Economics Collections > Economists Online |
| Rights: | http://www.lse.ac.uk/library/rights/LSERO.htm |
| URL: | http://eprints.lse.ac.uk/33139/ |
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