Incomes Policies, Expectations and the NAIRU

Wolfgang Pollan
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Wolfgang Pollan: WIFO

No 433, WIFO Working Papers from WIFO

Abstract: Since the 1960s, several countries have adopted incomes policies in various forms to control inflation that had been interpreted as the result of a distributional struggle between business and labour unions. Recent writings on the NAIRU, however, ignore past policy interventions in the wage and price setting system, in the formation and propagation of inflation expectations, in particular. Some of the problems inherent in such an approach are illustrated by applying the standard tools of NAIRU analysis to the Austrian economy, an economy that has been subject to a variety of policy measures.

Keywords: Lucas critique; NAIRU; expectations; incomes policies (search for similar items in EconPapers)
Pages: 21 pages
Date: 2012-07
New Economics Papers: this item is included in nep-mac
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