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

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  • Pierre-Guillaume Méon

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.
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  • Pierre-Guillaume Méon, 2004. "A note on the welfare consequences of wage indexing in a stochastic economy," ULB Institutional Repository 2013/8374, ULB -- Universite Libre de Bruxelles.
    • Handle: RePEc:ulb:ulbeco:2013/8374
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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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