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MONETARY REGIMES AND ENDOGENOUS WAGE CONTRACTS: SWEDEN 1908-1995

Publiceringsår: 1998
Språk: Engelska
Dokumenttyp: Working paper

Sammanfattning

We examine Gray´s theory of endogenous length of wage contracts and inflation indexation, using a uniquely long data set of blue-collar worker collective agreements in Sweden 1908-1995. Volatile monetary regimes, i. e. regimes with large macroeconomic uncertainty, are associated with short length and inflation indexed contracts. We also find inertia in changes in contract characteristics to changes in the regime. The findings support the Lucas critique, but cautions against simple divisions of time series in different regimes wherein agents' decision rules are assumed constant.

Disputation

Nyckelord

  • Business and Economics
  • Monetary regime
  • contract length
  • wage indexation
  • Lucas critique

Övriga

Published
Yes

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