Inertial inflation, indexation and price stickiness: evidence from Brazil

This paper evaluates the inertial inflation hypothesis for Brazil. The hypothesis posits that indexation created a feedback mechanism such that one-time supply shocks were fully transmitted into permanent changes in inflation. A theoretical model is used to show that this outcome is based on the assumption of perfect price flexibility. However, with price stickiness indexation does not produce inertial inflation. The degree of inertia is then compared for two periods: one without indexation (1945–1963), and one with indexation (1969–1985). Finally, vector-autoregressive representations are estimated for the latter period, allowing for price stickiness. The empirical results do not support the hypothesis.     

One step ahead: Thornton versus Longe

This Paper addresses the intriguing issue of whether William Thomas Thornton plagiarized Francis Longe's (1866) pamphlet denouncing the classical wage fund doctrine. In doing so, the paper comprehensively reviews all of the corroborative evidence surrounding the plagiarism allegation laid against Thornton, drawing particular attention to a little known letter to The Times written by Thornton, in an effort to clear his good name of any impropriety. It is the conclusion of this paper that Thornton has no case to answer; the evidence not only from Thornton's own early work on wages and trade unions, together with additional corroborative evidence suggests that far from having plagiarized Longe's (1866) work, Thornton apticipated many of his ideas.     

用人单位遵守社会保险登记时限现状研究——以北京市大兴区的社保登记时限执行情况为例

社会保险登记时限是参保单位和职工参加社会保险的重要时间界限,《中华人民共和国社会保险法》对违反登记时限的法律责任规定并不明确。目前对于新参保单位在执行登记时限规定的情况没有明确过多的关注和分析,对在执行过程中存在的问题研究也相对不多。北京市大兴区2010年7月至2012年6月参保单位的登记时限统计分析表明,建立工商—社保信息互通系统、提供科学的罚金公式等对策建议对用人单位遵守社会保险登记时限有积极的意义。     

A Phillips curve interpretation of error-correction models of the wage and price dynamics

This paper presents a model of employment, distribution andinflation in which a modern error correction specification ofthe nominal wage and price dynamics (referring to claims onincome by workers and firms) occupies a prominent role. It isbrought out, explicitly, how this rather typical error-correctionsetting, which actually seems to capture the wage and pricedynamics of many large-scale econometric models quite well,is fully compatible with the notion of an old-fashioned Phillipscurve with finite slope. It is shown how the steady-state impactof various shocks to the model can be profitably conceived ofand interpreted in terms of (and to some extent even calculatedby means of) this long-run Phillips curve.     

Wage Spillovers,Inter-regional Effects and the Impact of Inward Investment

Abstract

This paper evaluates the extent of inter-industry and inter-regional wage spillovers across the UK. An extensive body of literature exists suggesting that wages elsewhere affect wage determination and levels of satisfaction, but this paper extends the analysis of wage determination to examine the effects of inward investment in the process. Thus far the specific effect of foreign wages on domestic wage determination has not been evaluated. We employ industry- and regional-level panel data for the UK, and contrast results from alternative approaches to space-time modelling. Each supports the notion that such wage spillovers do occur, though assumptions made concerning the modelling of spatial interaction are important. Further, such wage spillovers are more widespread for skilled than for unskilled workers and also lower in areas of high unemployment.     

The Swedish third way: an assessment of the performance and validity of the Rehn-Meidner model

This paper analyses the functioning of the Rehn–Meidnermodel in Sweden and the validity of the model's underlying theory.Both sceptics and friends of ‘the Swedish model’have exaggerated the effects of active labour market policyand solidarity wage policy on employment, inflation and growth.However, these policies have contributed to the reduction ofhysteresis effects and wage differentials in Sweden. Furthermore,Swedish experiences confirm the Rehn–Meidner view thatpositive demand shocks and expansionary macroeconomic policiesmake it difficult to combine full employment with price stability,economic growth and equity even if central wage negotiationsare coordinated and trade unions willingly accept wage restraint.     

Labor supply in urban China

Using labor supply responses from 10,560 urban Chinese workers, two-stage least squares estimations identify positive compensated wage effects and negative income effects that are, for the most part, statistically significant. The gross wage effects are mostly positive but they indicate relatively low uncompensated labor supply elasticities. The compensated wage effects are much larger; these may be important in assessing the labor market consequences of reform policies that monetize non-pecuniary benefits. The significance of labor supply responses depends on individual responsibilities within the family; the effects are largest for women and non-household heads. Journal of Comparative Economics 31 (4) (2003) 795–817.     

HETEROGENEITY IN REAL WAGE CYCLICALITY

This paper presents evidence that real wage cyclicality can be a particularly heterogeneous parameter, depending on different worker characteristics and also on the specific stage of the business cycle. Using matched employer–employee panel data for Portugal covering the period 1986–2004, real wages are shown to be considerably more procyclical during recessions than during expansions, resulting in relatively moderate overall levels of cyclicality (about −0.6). However, most of the procyclicality during downturns is shown to be driven by the younger employees, as older workers appear to be insulated from the business cycle. Moreover, movers between firms typically display higher cyclicality than workers that stay in the same firm, regardless of whether the latter move or not between job levels. Most results also hold when considering basic wages instead of total wages, except that the procyclicality of movers during downturns is substantially higher.     

Wage expectations in northern and southern Italian regions: An interpretation based on psychological and social factors

Individual wage expectations of Italian unemployed are studied. The analysis is carried out separately for the North‐Central and southern Italian regions using semiparametric additive models. Results show a marked difference in expectations formation across regions. We argue that as far as the labour market information in the South is less diffuse and more ambiguous than in the North, the divergence between the econometric model based on a utility‐maximisation mainstream theory and the actual wage expectation mechanism may be large. A tentative explanation based on psychological and social factors is offered.     

美联银行反洗钱处罚案对我国反洗钱监管的启示

FinCEN对美联银行的反洗钱处罚体现了重视反洗钱工作机制建设、重视违反可疑交易报告规定情况、具体的处罚金额与违规行为的严重程度和机构自身的影响力相关等监管原则.启示我国反洗钱工作要加强对金融机构反洗钱内控机制建设的关注力度,处罚力度应与机构影响力结合,正确理解和处理处罚与监管的关系以及在大额和可疑交易报告的检查方面应注重系统性风险等.