La determinazione dei salari in Italia: rigidità reali e nominali prima e dopo gli accordi di politica dei redditi

Francesco Devicienti (), Agata Maida and Paolo Sestito
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Paolo Sestito: Banca d'Italia e Ministero del lavoro e delle Politiche Sociali

Rivista Internazionale di Scienze Sociali, 2005, vol. 113, issue 2, 319-344

Abstract: This paper estimates the extent of downward wage rigidity in Italy using a micro-econometric model and the recently released WHIP longitudinal data. The econometric approach distinguishes between downward nominal wage rigidity – i.e., the impediment to nominal wage cuts – and downward real wage rigidity – i.e., when nominal wages cannot grow by less than a minimum positive threshold. The model accounts for measurement error and flexibly specifies the counterfactual, rigidity-free wage change distribution. The period analyzed goes from the mid eighties to the end of the century, within which the 1992-1993 income agreements – with the abolition of the scala mobile – are situated. Overall, downward wage rigidity impacts on about 70% of the observations. However, in the periods following the income agreements, the impact of wage rigidity is reduced, in particular with regards to real rigidities (with a slight increase in nominal rigidities). In each sub-period, however, real rigidities prevail over nominal rigidities.

Keywords: downward wage rigidity; real effects of inflation; collective bargaining; switching regime model; indexation. (search for similar items in EconPapers)
JEL-codes: E52 J31 J51 (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:vep:journl:y:2005:v:113:i:2:p:319-344

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