The price-wage inflationary spiral
Author | : Aleksander Welfe |
Publisher | : |
Total Pages | : 24 |
Release | : 1994 |
Genre | : |
ISBN | : |
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Author | : Aleksander Welfe |
Publisher | : |
Total Pages | : 24 |
Release | : 1994 |
Genre | : |
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 | : Aleksander Welfe |
Publisher | : |
Total Pages | : 24 |
Release | : 1994 |
Genre | : |
ISBN | : |
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 | : Chamber of Commerce of the United States of America. Committee on Economic Policy |
Publisher | : |
Total Pages | : 36 |
Release | : 1949 |
Genre | : Prices |
ISBN | : |
Author | : Roger LeRoy Miller |
Publisher | : |
Total Pages | : 136 |
Release | : 1974 |
Genre | : Business & Economics |
ISBN | : |
Monograph on unemployment and inflation in the USA - presents a supply and demand model to describe the two types of inflation, discusses the role of price expectations in causing fluctuations in unemployment, and considers the economics and theoretics of wages and price controls, etc. Diagrams, graphs and references.
Author | : Yossef Attiyeh |
Publisher | : |
Total Pages | : 266 |
Release | : 1959 |
Genre | : Inflation (Finance) |
ISBN | : |
Author | : Hans Brems |
Publisher | : |
Total Pages | : 60 |
Release | : 1979 |
Genre | : Equilibrium (Economics) |
ISBN | : |
The paper opens the neoclassical growth model to unemployment and inflation and solves for steady-state equilibrium rates of growth and interest. A price equation is dervied from profit maximization and includes the wage expectations of the entrepreneurs. A wage equation is based on the Phillips function and includes the price expectations of labor. A price-wage equilibrium is defined as self-fulfilling expectations. The existence and the properties of such an equilibrium are examined. Policy conclusions are drawn. Finally, the paper determines the extent to which Wiksellian, Keynesian, and monetarist ideas may coexist in neoclassical growth.
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 | : Robert Lindsay Schuettinger |
Publisher | : |
Total Pages | : 204 |
Release | : 1979 |
Genre | : Inflation (Finance). |
ISBN | : |