Imported Materials Prices, Wage Policy, and Macroeconomic Stabilization

Richard C. Marston · Stephen J. Turnovsky

23 citations0/0 files storedNational Bureau of Economic Research

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Monetary Policy and Economic Impact Economic Theory and Policy Market Dynamics and Volatility

Abstract

This paper analyzes two simple wage rules that keep employment constant when there are shocks to the prices of imported materials.One rule ties nominal wages to the GNP deflator rather than the consumer price index.The second rule, followed by Japan after the second oil price shock, ties the real wage to real GNP.The paper shows the effects on output, real income, and other macroeconomic variables of choosing either rule in place of the real wage stability provided by conventional wage indexatiori.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 23 citations exist upstream.

References

1976Wage indexation: A macroeconomic approach 1984Raw Materials, Profits, and the Productivity Slowdown 1984Real Wages and the Terms of Trade: Alternative Indexation Rules for an Open Economy

Cited by

1999Depreciation and recessions in East Asia 1993A continuous-time model of the United States economy 1992Monetary policy games, inflationary bias, and openness

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.