Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/107381
Authors: 
De Schryder, Selien
Peersman, Gert
Wauters, Joris
Year of Publication: 
2014
Series/Report no.: 
CESifo Working Paper 5107
Abstract: 
We estimate a New Keynesian wage Phillips curve for a panel of 24 OECD countries, and allow the degree of wage indexation to past inflation to vary according to the monetary policy regime. We find that the extent of wage indexation is significantly lower in an inflation targeting regime, in contrast to monetary targeting, exchange rate targeting and policy regimes without an explicit quantitative anchor. The results put into question whether embedding a constant degree of wage indexation in standard DSGE models is truly structural.
Subjects: 
wage indexation
monetary policy regimes
cross-country panel
Phillips curve
JEL: 
C23
E42
J30
Document Type: 
Working Paper

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