STABILIZATION WITH WAGE INDEXATION AND EXCHANGE RATE FLEXIBILITY
考察工资指数化和汇率政策如何抑制产出波动，发现最优选择取决于冲击类型、相对重要性及经济参数，且两者相互依存。
Abstract. This survey examines the role of wage indexation and exchange rate policy in dampening fluctuations in output around its target level. It is demonstrated that the appropriate choice for wage indexation and exchange rate flexibility is highly sensitive to the nature and the relative importance of the shocks impinging upon the economy, as well as to the relevant parameters in the economy. Moreover, the question of the desired flexibility of the exchange rate should be studied in the context of wage indexation, and vice versa. This interdependence raises the possibility of both policies being complements or substitutes to each other depending on the number of shocks that perturb the economy.