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The Optimal Mix of Wage Indexation and Foreign Exchange Market Intervention

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  • Devereux, Michael
Abstract
This paper develops a model in which wage indexation and foreign exchange market intervention can be used simultaneously for policy purposes. With the type of wage indexation used, there is shown to be a clear separation of function between the two instruments. Intervention should be used only to offset demand-side disturbances, while indexation should depend upon both demand and supply disturbances. Copyright 1988 by Ohio State University Press.

Suggested Citation

  • Devereux, Michael, 1988. "The Optimal Mix of Wage Indexation and Foreign Exchange Market Intervention," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(3), pages 381-392, August.
    • Handle: RePEc:mcb:jmoncb:v:20:y:1988:i:3:p:381-92
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    Citations

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    Cited by:

    1. Mayes, David G. & Vilmunen, Jouko, 1999. "Unemployment in a small open economy: Finland and New Zealand," Bank of Finland Research Discussion Papers 10/1999, Bank of Finland.
    2. Juha Kilponen & David Mayes & Jouko Vilmunen, 1999. "Labour Market Flexibility in Northern Europe," One Europe or Several? Working Papers 2, One-Europe Programme.
    3. Läufer, Nikolaus K. A. & Sundararajan, Srinivasa, 1992. "Stabilization policy in multi-country models," Discussion Papers, Series II 170, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    4. repec:zbw:bofrdp:1999_010 is not listed on IDEAS
    5. Läufer, Nikolaus K. A. & Sundararajan, Srinivasa, 1992. "International transmission of economic shocks: The case of mixed exchange rates in a three-country world," Discussion Papers, Series II 178, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    6. Peter Stemp, 1993. "Optimal money supply rules under asymmetric objective criteria," Journal of Economics, Springer, vol. 57(3), pages 215-232, October.
    7. Sundararajan, Srinivasa, 1994. "The transmission of correlated shocks under mixed exchange rates," Discussion Papers, Series II 245, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    8. Mayes, David G. & Vilmunen, Jouko, 1999. "Unemployment in a small open economy : Finland and New Zealand," Research Discussion Papers 10/1999, Bank of Finland.
    9. Oscar Landerretche & Fernando Lefort & Rodrigo O. Valdés, 2002. "Causes and Consequences of Indexation: A Review of the Literature," Central Banking, Analysis, and Economic Policies Book Series, in: Fernando Lefort & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Serie (ed.),Indexation, Inflation and Monetary Policy, edition 1, volume 2, chapter 2, pages 019-064, Central Bank of Chile.
    10. Läufer, Nikolaus K. A. & Sundararajan, Srinivasa, 1994. "The international transmission of economic shocks in a three-country world under mixed exchange rates," Discussion Papers, Series II 216, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".

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