Wage Rigidity and Disinflation in Emerging Countries
研究了巴西和乌拉圭快速通货紧缩对向下工资刚性的影响，发现价格稳定并未消除工资设定中的摩擦，但两国工资指数化的变化路径不同。
This paper examines the consequences of rapid disinflation for downward wage rigidities in two emerging countries, Brazil and Uruguay. Although wage rigidities are altered by disinflation, in neither of the two countries does price stability eliminate frictions in wage-setting mechanisms. In a context of individual wage negotiations and weak unions, disinflation in Uruguay puts an end to its history of indexation, but strong resistance to nominal wage cuts emerges. In strongly unionized Brazil, wage indexation is highly persistent, but the introduction of inflation targeting by the Central Bank in 1999 moves the focal point of wage negotiations to expected inflation.