Wages and Monetary Policy in Italy Before and After the Wage Agreements

Name: Wages and Monetary Policy in Italy Before and After the Wage Agreements
Brand: Vita e Pensiero
Price: 6.00 EUR
Availability: OnlineOnly

digital

Article

Magazine

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI

Issue

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2005 - 2

Title

Wages and Monetary Policy in Italy Before and After the Wage Agreements

Authors

Sergio Destefanis, Giuseppe Mastromatteo, Giovanni Verga

Publisher

Vita e Pensiero

Format

Article |

Pdf

Pages

Online from

04-2005

Issn

0035-676X (print) | 1827-7918 (digital)

€ 6.00

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Description

We examine the influence of the 1992 and 1993 wage agreements on the disinflation experienced in Italy through the 1990s, providing econometric estimates both for the reaction function of the Bank of Italy and for 2-digit industry wage equations. We rely on industry-level measures for the degree of indexation, and find that, after the agreements, wage setters became more forward-looking and expectations were to some extent influenced by the target rate of inflation. The relationships between wages and the other main labour market variables were not much affected by the agreements.