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...
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2014/01/01
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日志文章
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92928
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1
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1
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2014/12/05
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Disclosed
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Wage rigidity and disinflation in emerging countries
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wage changes