Synchronized Wage Determination and Macroeconomic Performance in JapanMinistry of International Trade and Industry, 1988 - 20 pages |
Common terms and phrases
a₂ aggregate demand equations aggregate nominal wage assumed average contract wage average wage baseyear bonus payments bonus system CITIBASE conditional expectation contract length degree of synchronization Determination and Macroeconomic different length distribution of workers empirical significance ESTIMATED COEFFICIENTS estimated equations estimation results excess demand flexibility in Japan fraction of workers future wages Germany high wage responsiveness Importance of Synchronization industries IMF January 9 Japanese economy likelihood function manufacturing OECD MEI maximum likelihood estimates MITI/RI Discussion Paper monetary policy nominal wage flexibility Non-synchronized wage setting output gap percent annual contracts percent of workers performance in Japan quarter contracts quarters in length relatively high wage responsiveness in Japan seasonal pattern second quarter Shunto system spring quarter staggered contract standard errors summer quarter Synchronized Wage Determination synchronized wage setting Table U.S. CANADA FRANCE United Kingdom wage inflation wage setting model wages in Japan workers across contracts workers in quarter Σ Σ