Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/268043 
Year of Publication: 
2022
Series/Report no.: 
ECB Occasional Paper No. 299
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
If the responses of wages - both private and public - and of pensions to an increase in inflation lead to second-round effects, this can make an inflationary shock more persistent, especially in the presence of automatic wage and pension indexation. This occasional paper presents an overview of the indexation schemes and other mechanisms for setting public wages and pensions across the euro area countries. It concludes that price indexation of public wages is relatively limited in the euro area, while public pensions are overwhelmingly automatically indexed, either fully or partially, to prices and wages.
Subjects: 
Fiscal policy
Wages, Compensation, and Labor Costs
Social Securityand Public Pensions
Inflation
JEL: 
E62
J3
H55
E31
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-5240-8
Document Type: 
Research Report

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