Indexation and Wage Change Settlements: Evidence from Spanish Manufacturing Firms
利用1984-1991年西班牙制造业企业数据，估计了指数化和非指数化协议下事前工资变动的内生转换模型，发现指数化协议更可能由全国性工会采用，且工人为获得生活成本津贴条款支付了显著的事前溢价。
An endogenous switching model of ex‐ante wage changes under indexed and non‐indexed settlements is estimated for the Spanish manufacturing sector using collective bargaining firm data for the 1984–1991 period. The likelihood of indexing the settlement is higher for nationwide unions than for other union groups within the works council and increases with the expected level of inflation. For wage change equations, a common structure for indexed and non‐indexed settlements is strongly rejected, showing a source of nominal rigidity. For indexed contracts, the expected ex‐ante total inflation coverage is nearly complete. It is also shown that workers pay a significant ex‐ante change premium (differential) to obtain a cost of living allowance clause. However, the realised contingent compensation exceeds such a premium for all industries. Finally, important spillover efffects in wage setting and the decision to index the settlement have been detected.