Wage-price Spiral Versus Demand Inflation
Author | : Yossef Attiyeh |
Publisher | : |
Total Pages | : 266 |
Release | : 1959 |
Genre | : Inflation (Finance) |
ISBN | : |
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Author | : Yossef Attiyeh |
Publisher | : |
Total Pages | : 266 |
Release | : 1959 |
Genre | : Inflation (Finance) |
ISBN | : |
Author | : Ms.Magda E. Kandil |
Publisher | : International Monetary Fund |
Total Pages | : 38 |
Release | : 2003-08-01 |
Genre | : Business & Economics |
ISBN | : 1451858019 |
Using quarterly time-series data for a sample of twelve industrial countries, the paper investigates the dynamics of nominal wage and price adjustments in the face of aggregate demand shocks. The evidence illustrates patterns of the wage-price spiral and accompanying fluctuations. During economic expansions, the overlap of nominal adjustments in labor and product markets prolongs output expansion while maintaining or increasing the standard of living. In contrast, structural and institutional settings appear to have moderated the severity of the effects of contractionary demand shocks on real output growth and the standard of living in the variety of countries under investigation.
Author | : Magda Kandil |
Publisher | : |
Total Pages | : 37 |
Release | : 2006 |
Genre | : |
ISBN | : |
Using quarterly time-series data for a sample of twelve industrial countries, the paper investigates the dynamics of nominal wage and price adjustments in the face of aggregate demand shocks. The evidence illustrates patterns of the wage-price spiral and accompanying fluctuations. During economic expansions, the overlap of nominal adjustments in labor and product markets prolongs output expansion while maintaining or increasing the standard of living. In contrast, structural and institutional settings appear to have moderated the severity of the effects of contractionary demand shocks on real output growth and the standard of living in the variety of countries under investigation.
Author | : Saioa Armendariz |
Publisher | : International Monetary Fund |
Total Pages | : 31 |
Release | : 2023-03-13 |
Genre | : Business & Economics |
ISBN | : |
Global inflation surged in 2022, driven by high gas price growth. With Russia being a key supplier of energy products, the start of the war in Ukraine has led to strong inflationary pressures in the euro area (EA), given the region’s significant exposure to the Russian gas. The price shock has been particularly strong in the Netherlands, largely due to the larger share of gas on the energy mix compared to other peers, making the country vulnerable to changing market conditions.
Author | : Jorge Alvarez |
Publisher | : International Monetary Fund |
Total Pages | : 29 |
Release | : 2022-11-11 |
Genre | : Business & Economics |
ISBN | : |
How often have wage-price spirals occurred, and what has happened in their aftermath? We investigate this by creating a database of past wage-price spirals among a wide set of advanced economies going back to the 1960s. We define a wage-price spiral as an episode where at least three out of four consecutive quarters saw accelerating consumer prices and rising nominal wages. Perhaps surprisingly, only a small minority of such episodes were followed by sustained acceleration in wages and prices. Instead, inflation and nominal wage growth tended to stabilize, leaving real wage growth broadly unchanged. A decomposition of wage dynamics using a wage Phillips curve suggests that nominal wage growth normally stabilizes at levels that are consistent with observed inflation and labor market tightness. When focusing on episodes that mimic the recent pattern of falling real wages and tightening labor markets, declining inflation and nominal wage growth increases tended to follow – thus allowing real wages to catch up. We conclude that an acceleration of nominal wages should not necessarily be seen as a sign that a wage-price spiral is taking hold.
Author | : Olivier J. Blanchard |
Publisher | : |
Total Pages | : 29 |
Release | : 1985 |
Genre | : Inflation (Finance) |
ISBN | : |
This paper rehabilitates the old wage price spiral. It shows that, after an increase in aggregate demand, the process of adjustment of nominal prices and nominal wages results from attempts by workers to maintain or increase their real wage and by firms to maintain or increase their markups of prices over wages. Under continuous price and wage setting, the process of adjustment would be instantaneous ; under staggering of price and wage decisions, the adjustment takes time. The more inflexible real wages and markups are to shifts in demand, the higher is the degree of price level inertia, the longer lasting are the effects of aggregate demand on output
Author | : Palle Schelde Andersen |
Publisher | : |
Total Pages | : 96 |
Release | : 1989 |
Genre | : Deflation (Finance) |
ISBN | : |
Reviews the short and long-run trends in output inflation and money supply growth. Discusses major models of the wage-price mechanisism and then turns to the empirical evidence with respect to the parameters of wage and price.
Author | : Carl Andreas Claussen |
Publisher | : |
Total Pages | : 24 |
Release | : 2001 |
Genre | : |
ISBN | : 9788275531788 |
Author | : Richard Perlman |
Publisher | : |
Total Pages | : 168 |
Release | : 1965 |
Genre | : Inflation (Finance) |
ISBN | : |
Author | : Yvonne Leah Simons |
Publisher | : |
Total Pages | : 608 |
Release | : 1961 |
Genre | : Inflation (Finance) |
ISBN | : |