Wages and Monetary Policy in Italy before and after the Wage Agreements

Giuseppe Mastromatteo, Sergio Destefanis, Giovanni Verga

Risultato della ricerca: Contributo in rivistaArticolo in rivista


We examine the influence of the 1992 and 1993 wage agreements on the disinflation experienced in Italy through the 1990s, providing econometric estimates both for the reaction function of the Bank of Italy and for 2-digit industry wage equations. We rely on industry-level measures for the degree of indexation, and find that, after the agreements, wage setters became more forward-looking and expectations were to some extent influenced by the target rate of inflation. The relationships between wages and the other main labour market variables were not much affected by the agreements.
Lingua originaleEnglish
pagine (da-a)147-176
Numero di pagine30
RivistaRivista Internazionale di Scienze Sociali
Stato di pubblicazionePubblicato - 2005


  • Phillips curve
  • central bank policies
  • inflation
  • wages


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