by raising inflation …

From 2013 up to the launch of the ECB’s strategy review in January 2020, inflation in the euro area was low and over …-predicted. This low inflation during the years 2013-19 can be attributed to a combination of interconnected factors. Cyclical … developments account for a substantial share of the fall in underlying inflation, mainly in the first part of the low inflation …

This paper reviews the literature on the effects of low steady-state inflation on wage formation, focusing on four … different effects. First, under low inflation, downward nominal wage rigidity (DNWR) may prevent real wage cuts that would have … happened had inflation been higher. Second, wages (and prices) are given in nominal contracts, and inflation affects both how …

. Two periods are distinguished: the period of inflation rise from 1970 to 1981, which coincides with an important squeeze …

. Two periods are distinguished: the period of inflation rise from 1970 to 1981, which coincides with an important squeeze …

This paper reviews the literature on the effects of low steady-state inflation on wage formation, focusing on four … different effects. First, under low inflation, downward nominal wage rigidity (DNWR) may prevent real wage cuts that would have … happened had inflation been higher. Second, wages (and prices) are given in nominal contracts, and inflation affects both how …

inflation and the extent of real wage rigidity but that these effects depend on the definition of reference norms (e.g. how …

legislation, high union density, centralised wage setting and high inflation. …

, while employment at will facilitates efficient mobility. Inflation erodes the real value of a fixed contract wage over time …