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L'indexation des salaires et la politique monétaire : Que nous apporte une approche stratégique ?

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  • Hubert Kempf

Abstract

[fre] L'indexation des salaires et la politique monétaire. Que nous apporte une approche stratégique ?. . Les rapports entre l'indexation des salaires et la détermination de la masse monétaire, qui conditionnent la détermination des prix nominaux, sont cruciaux pour la dynamique macro-économique. En considérant une même capacité d'action pour les autorités monétaires et les agents privés, il est montré que l'étude de leurs relations dans un cadre stratégique aboutit à des résultats opposés à ceux qui sont obtenus dans un cadre non stratégique. La proposition d'équivalence entre indexation et politique monétaire ne tient plus et l'équilibre non coopératif peut impliquer une indexation complète, ce qui aboutit à une inflation sans limite, ou encore ne pas exister. [eng] Wage indexation and monetary policy : what do we learn from a strategic approach ?. . The relationship between wage indexation and money supply, which determines the dynamics of nominal priees plays a crucial role in macroeconomic dynamics. A strategic perspective on such relationship is offered in this paper. It is shown that the results obtained on wage indexation are at odd with the standard results obtained in a non-strategic setting. The optimality of partial indexation and the equivalence proposition between indexation and monetary policy are no more verified. The resuit of a non-cooperative game may very well be complete indexation and no control on the priee dynamics, or no equilibrium at ail.

Suggested Citation

  • Hubert Kempf, 1994. "L'indexation des salaires et la politique monétaire : Que nous apporte une approche stratégique ?," Revue Économique, Programme National Persée, vol. 45(3), pages 415-428.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409534
    DOI: 10.3406/reco.1994.409534
    Note: DOI:10.3406/reco.1994.409534
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    References listed on IDEAS

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    1. Aizenman, Joshua & Frenkel, Jacob A, 1985. "Optimal Wage Indexation, Foreign Exchange Intervention, and Monetary Policy," American Economic Review, American Economic Association, vol. 75(3), pages 402-423, June.
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