MONETARY REGIMES AND ENDOGENOUS WAGE CONTRACTS: SWEDEN 1908-1995

Klas Fregert · Lars Jonung

10 citations0/0 files storedRePEc: Research Papers in Economics

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Monetary Policy and Economic Impact Historical Economic and Social Studies Labor market dynamics and wage inequality

Abstract

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.

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1976Econometric policy evaluation: A critique 1980Aggregate Dynamics and Staggered Contracts 1977Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule 1976Wage indexation: A macroeconomic approach 1982Policy Analysis with Econometric Models 1977Long-term contracting, sticky prices, and monetary policy 2017Rational Expectations and Inflation 2017The Ends of Four Big Inflations

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