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Wage Bargaining Coordination and the Phillips Curve in Italy

Alessandra Del Boca (), Michele Fratianni, Franco Spinelli and Carmine Trecroci

Working Papers from University of Brescia, Department of Economics

Abstract: Was there a textbook-like Phillips curve in post-WWII Italy? We estimate a consensus model of the relationship between inflation and the level of economic activity over 1949-1998, finding no evidence of a significant and positive feedback from output to prices. We also estimate similar models for the UK and the US. We discuss the role of wage coordination and indexation mechanisms in generating what amounts to a significant departure of Italian data from what holds true for the US and UK. Likely, the rigid indexation mechanism that aimed at protecting wages from inflation ended up contributing to the persistent inflation bias that Italy experienced almost until its entry into EMU.

Date: 2009
New Economics Papers: this item is included in nep-cba and nep-mac
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