Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/44210 
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dc.contributor.authorPastore, Francescoen
dc.date.accessioned2011-01-11-
dc.date.accessioned2011-02-11T14:29:32Z-
dc.date.available2011-02-11T14:29:32Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/44210-
dc.description.abstractThe Saint Valentine's decree (1984) and the ensuing hard fought referendum (1985), which reduced the automatisms of scala mobile, started a process of redefinition of wage fixing in Italy, which culminated with the final abolition of scala mobile (1992) and the approval of Protocollo d'intesa (1993). Since then, following New Corporatist principles, a national system of centralised wage bargaining (concertazione) and the so-called institutional indexation have governed the determination of wages. This paper aims to assess the impact of such incomes policy agreements on the long and short run equilibrium relationship between real wages, labour productivity and unemployment. Different time series econometric tools confirm that incomes policy has altered the relationship between real wages and productivity, generating not only a permanent downward impact on prices, but also on real wages. In a sense, incomes policy has caused a new form of (upward) wage rigidity. Interestingly, no impact of incomes policy on the weak relationship between real wages and unemployment is detected. The analysis calls for a careful revision of the 1993 Protocol aimed at: a) better protecting the purchasing power of real wages without losing control on inflation; b) introducing growth generating mechanisms.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x5082en
dc.subject.jelC22en
dc.subject.jelE12en
dc.subject.jelE25en
dc.subject.jelE64en
dc.subject.jelE65en
dc.subject.ddc330en
dc.subject.keywordNew Keynesian macroeconomic theoryen
dc.subject.keywordneo-corporatismen
dc.subject.keywordmodels of industrial relationsen
dc.subject.keywordPhillips Curveen
dc.subject.keywordincomes policyen
dc.subject.keywordcentralised wage bargainingen
dc.subject.keywordmacroeconomic policy evaluationen
dc.subject.keywordincome distributionen
dc.subject.keywordcointegration analysisen
dc.subject.keywordstructural break testingen
dc.subject.keywordscala mobileen
dc.subject.keywordProtocollo d'intesaen
dc.subject.keywordItalyen
dc.titleAssessing the impact of incomes policy: The italian experience-
dc.type|aWorking Paperen
dc.identifier.ppn643397396en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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