An Empirical Model of Wage Indexation Provisions in Union Contracts
利用加拿大合同样本，衡量指数化工资增长对价格变动的反应，并基于一个简单模型分析这种反应，发现行业特定价格与消费者价格指数的相关性是决定工资对价格反应的重要因素。
Cost of living escalators are an important feature of North American labor contracts. This paper presents a measure of the response of indexlinked wage increases to concurrent price increases for a sample of Canadian contracts, and then analyses this response in terms of a simple model of indexation to the aggregate price level. The model highlights the importance of aggregate price movements in conveying information about industryspecific prices. The empirical analysis confirms that industry-specific correlations between input and output prices and the Consumer Price Index are important determinants of the response of wage to prices across index contracts.