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Nominal Wage Flexibility, Wage Indexation and Monetary Union
Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
2002 (English)Report (Other academic)
Abstract [en]

Membership in a monetary union (EMU) is likely to imply stronger incentives for nominal wage flexibility in the form of wage indexation and shorter contract length than non-membership. For example, EMU entry may cause a move from non-indexation to an indexation equilibrium. But more wage flexibility is only an imperfect substitute for an own monetary policy. It is possible that an increase in wage flexibility is welfare-decreasing, because of the accompanying rise in price variability. If indexation occurs outside the EMU, wither multiple equilibria or full-indexation equilibria may occur.

Place, publisher, year, edition, pages
Stockholm: IIES , 2002. , 33 p.
Series
Seminar Paper / Institute for International Economic Studies, Stockholm University. (Online), ISSN 1653-610X ; 716
Keyword [en]
nominal wage flexibility, wage indexation, EMU, asymmetric shocks
National Category
Economics
Identifiers
URN: urn:nbn:se:su:diva-42047OAI: oai:DiVA.org:su-42047DiVA: diva2:343786
Available from: 2010-08-16 Created: 2010-08-16 Last updated: 2010-08-16Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • ieee
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  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf