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dc.contributor.authorHolden, Steinaren
dc.date.accessioned2009-01-28T15:53:36Z-
dc.date.available2009-01-28T15:53:36Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/18890-
dc.description.abstractThis paper reviews the literature on the effects of low steady-state inflation on wageformation, focusing on four different effects. First, under low inflation, downward nominalwage rigidity (DNWR) may prevent real wage cuts that would have happened had inflationbeen higher. Second, wages (and prices) are given in nominal contracts, and inflation affectsboth how often wages are adjusted, and to what extent wages are set in a forward-lookingmanner. Third, incomplete labour contracts may provide workers with scope for inflictingcosts on the firm without violating the contract, thus forcing the firm to accept a rise innominal wages. Fourth, if effort depends on wages relative to a reference level, and workersand firms underweight inflation when updating the reference level, positive but moderateinflation may reduce wage pressure. The paper ends by a brief survey of empirical evidence,and a discussion of whether labour markets may adapt to a low inflation environment.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1252en
dc.subject.jelJ3en
dc.subject.jelJ5en
dc.subject.jelE31en
dc.subject.ddc330en
dc.subject.keywordwage formationen
dc.subject.keywordnominal contractsen
dc.subject.keywordinflationen
dc.subject.stwLohntheorieen
dc.subject.stwLohnrigiditäten
dc.subject.stwInflationen
dc.subject.stwTheorieen
dc.titleWage formation under low inflation-
dc.typeWorking Paperen
dc.identifier.ppn856741019en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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