UK-French paper examines monetary policy implications of wage changes
A working paper published today by both the Banque de France and the Bank of England investigates how monetary policy should adapt to different patterns in the timing and concentration of wage changes throughout the year.
Non-Uniform Wage-Staggering: European Evidence and Monetary Policy Implications, by Michel Juillard, Hervé Le Bihany and Stephen Millardz, finds that in many European countries, wage changes are clustered together towards the beginning of the year.
The authors construct a
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