Inflation Adjustment and Labour Market Structures: Evidence from a Multi‐country Study*
基于20国面板数据，研究发现高劳动力市场协调度会减弱失业、进口价格、税率和生产率变动对通胀的影响，而工会化程度则放大通胀对决定因素的响应。
Abstract The impact of labour market structures on the response of inflation to macroeconomic shocks is analysed empirically. Results based on a 20‐country panel show that if labour market coordination is high, the effect on inflation of movements in unemployment, import prices, tax rates and productivity is dampened, both on impact and dynamically. In contrast, monopoly power in labour supply, measured by the percentage unionisation of the workforce, appears to amplify the response of inflation to its reduced‐form determinants. These findings are attributed to the behaviour of wages following movements in demand‐ and supply‐side conditions.