Fiche du document
2017
- handle: 10670/1.gg3vsc
- 0185-1667
Ce document est lié à :
http://www.redalyc.org/revista.oa
Investigación Económica
Mots-clés
Economía y Finanzas Wages monetary policy unit labour costs income distribution inflation targetingSujets proches
Targeting, InflationCiter ce document
Ignacio Perrotini Hernández et al., « Is the wage rate the real anchor of the inflation targeting monetary policy framework? », Investigación Económica, ID : 10670/1.gg3vsc
Métriques
Partage / Export
Résumé
"N umerous central banks ( cb s) focus on controlling the nominal interest rate ( i ) to sway the price level and meet the inflation target ( π o ) nowadays (Taylor, 1993; Bernanke et al. , 1999; Woodford, 2003). The i is taken to be the anchor for a low and stable rate of inflation in an open economy model. Yet, some analysts, orthodox and heterodox alike, have challenged this belief arguing that cb s turn to the exchange rate ( e ) channel and adopt it as a second policy tool with the aim of meeting π o (Svensson, 1999; Hüfner, 2004). The purpose of this paper is to show that the veritable anchor of inflation is neither i nor e , but the wage rate and the unit labour costs ( ulc ). We conduct econo - metric analyses based on data from a set of inflation targeting countries. The main empirical findings support our hypothesis regarding the higher importance of wages and the ulc vis-à-vis i and e in the determination of the cpi ."