Gli effetti della scala mobile sull'inflazione e sulle politiche di stabilizzazione: un commento al modello Modigliani-Padoa-Schioppa (The effects of wage indexation on inflation and on stabilization policies: a comment on the Modigliani-Padoa Schioppa)

Abstract

In a recent article, F. Modigliani and T. Padoa-Schioppa argued that indexing at 100% with frequent wage adjustments rises the general rate of inflation associated with a given gap between the price level desired by businesses and that compatible with the real bargaining wage of workers. The present work compares this examination of an economy with wages indexed at 100% with an alternative situation in which indexing is absent or not effective in protecting wages. It is shown that in the presence of expectations of inflation incorporated into the determination of wage rates: 1) if there is a gap between the price level desired by businesses and that compatible with the real wage desired by workers, inflation is growing rather than stable as in the M.-P.S. model; 2) the "return" of inflation through restrictive maneuvers is accomplished with greater difficulty and involves greater time and costs than in the M.-P.S. model.

JEL: E24, E31, J31