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A note on the welfare consequences of wage indexing in a stochastic economy

Author

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  • Pierre-Guillaume Méon

    (Université Robert Schuman)

Abstract

. This note surveys the welfare and real consequences of wage indexing in a stochastic economy whose monetary authority lacks credibility. It shows in a unified framework that those consequences might differ markedly depending on the nature and timing of the dominant disturbance in that economy. It finally provides a closed-form expression of the optimal level of wage indexing when all the shocks are taken into account.

Suggested Citation

  • Pierre-Guillaume Méon, 2004. "A note on the welfare consequences of wage indexing in a stochastic economy," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 3(3), pages 179-187, December.
    • Handle: RePEc:spr:portec:v:3:y:2004:i:3:d:10.1007_s10258-004-0028-9
    DOI: 10.1007/s10258-004-0028-9
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    Cited by:

    1. Giuseppe Diana & Pierre‐Guillaume Méon, 2008. "Monetary Policy in the Presence of Asymmetric Wage Indexation," Southern Economic Journal, John Wiley & Sons, vol. 75(1), pages 69-90, July.

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