wage setter

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any economic condition or variable that serves to set wage rates

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In the discretionary equilibrium, wage setters not only form rational expectations of the future price level, but also choose an optimal degree of wage indexation.
As discussed in the appendix, wage setters set the contract wage such that the level of employment (and hence output) will be as close as possible to the desired level implicit in equation (2).
6) Wage setters attempt to minimize this loss by setting nominal wages equal to expected inflation and by indexing wages.
The structure of the game played by monetary authorities and wage setters is as follows.
We might think of wage setters as choosing the indexation rule at more infrequent intervals than expectations are formed.
The rationale for allowing wage setters to index, but ruling out monetary stabilization rules, is similar (in reverse) to the argument of Rogoff [1985].
The variable [Mathematical Expression Omitted] is the probability assigned by wage setters in period to the event that the opposition will win the next election, and [P.
14,15,16) The variable [Phi] runs from one rather than from zero as I assume that wage setters use information dated T - [Kappa] - 1 and earlier to form probability assessments at the beginning of quarter T - [Kappa].
Their procedure probably overstates the precision with which wage setters make forecasts as the probabilities are computed from full-sample regressions.
t-1] compared to the calibrated intervention variables suggests that partisan effects due to hedging by wage setters are small.
j-] are the inflation rates preferred by the respective opposition parties; [Mathematical Expression Omitted] is the probability assigned by wage setters in period t to the event that the opposition will win the next election.
In particular the behaviour of wage setters in italy appears to have been different in the 1980s, and institutional changes appear to have been associated with structural changes in the behaviour of labour markets.
The committee is particularly concerned that current elevated inflation levels - primarily resulting from higher utility and food prices, as well as a markedly weaker pound-could lift inflation expectations and there by have significant second round effects through affecting the behaviour of price and wage setters.
As headline inflation is still the favoured benchmark for wage setters the rise seen at the end of last year will put pressure on employers to implement higher pay awards at the beginning of this year'.
He said, "The Bank of England remains particularly concerned that a near-term sharp spike up in inflation resulting from higher energy, food and import prices will lift inflation expectations and affect the medium-term behaviour of price and wage setters.