Inflation, Unemployment and Hysteresis: An alternative view

Stirati, Antonella

doi:10.1080/09538250120099944

Cited by 61 publications

(21 citation statements)

References 17 publications

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“…If then the workers obtain continuous increases in their money wages, they will be assured a permanent increase in the real wage rate, provided that the monetary authorities leave the nominal interest rate on long-term riskless financial assets unchanged (cf. Pivetti, 1991;Stirati, 2001).…”

Section: Marx On Absolute and Relative Wages 109mentioning

confidence: 98%

Marx on Absolute and Relative Wages and the Modern Theory of Distribution

Levrero

2013

Review of Political Economy

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This paper aims at clarifying some aspects of Marx's analysis of the determinants of wages and of the peculiarity of labour as a commodity, focusing on three related issues. The first is that of Marx's notion of the subsistence (or natural) wage rate: the subsistence wage will be shown to stem, according to Marx, from socially determined conditions of reproduction of an efficient labouring class. The second issue refers to the distinction between the natural and the market wage rate that can be found in Marx, and his critique of Ricardo's analysis of the determinants of the price of labour. Here the 'law of population peculiar to the capitalist mode of production' (that is, Marx's industrial reserve army mechanism) will be considered both with respect to cyclical fluctuations of wages and to their trend over time. Moreover, a classification of the social and institutional factors affecting the average wage rate will be advanced. Finally, the last issue concerns Marx's analysis of the effects of technical progress on both absolute and relative wages (that is, the wage share). It will also be discussed by relating it back to the longstanding debate on the Marxian law of the falling rate of profit, and addressing some possible scenarios of the trend of wages and distribution.

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Section: Marx On Absolute and Relative Wages 109mentioning

confidence: 98%

Marx on Absolute and Relative Wages and the Modern Theory of Distribution

Levrero

2013

Review of Political Economy

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“…In the first place, the definition of normal utilisation of resources contains no reference to inflation, so that, while it can be maintained that in general prices rise more quickly on approaching full utilisation, no general and mechanic rule can be established. Inflation will be influenced by the distributive conflict (Stirati, 2001), the intensity of which need not bear any definite relation to the level of activity. As regards the long run, once admitting that high demand may produce pressures on capacity only for a limited period, before inducing the endogenous creation of new capacity, the conclusion likely follows that no permanent pressure can be exerted on costs and prices by demand (Serrano, 2006).…”

Section: Potential Output In Demand-led Growth Theoriesmentioning

confidence: 99%

Sraffa and the Reconstruction of Economic Theory: Volume Two

2013

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“…Isso decorre por razões políticas ou institucionais e seus possíveis efeitos sobre a inflação salarial. Assim, a relação entre a inflação dos salários e da tendência da taxa de desemprego não é sistemática, no sentido de que choques na taxa de desemprego (ou hiato da taxa de desemprego -no sentido de desvios de uma taxa natural ou NAIRU) não têm necessariamente efeitos diretos sobre a inflação salarial, uma vez que esta relação é mediada por aspectos políticos, institucionais e culturais que influenciam o poder de negociação dos trabalhadores (Kalecki, 1971;Rowthorn, 1977;Stirati, 1994Stirati, , 2001 2,3,4 .…”

Section: Um Modelo De Inflação De Custo E Conflito Distributivounclassified

Uma nota sobre a relação entre salário mínimo e inflação no Brasil a partir de um modelo de inflação de custo e conflito distributivo

Summa

2016

Econ. soc.

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ResumoO presente artigo busca discutir a dinâmica da inflação brasileira no período de 2000-2014 e sua relação com a política de valorização do salário mínimo, a partir de um modelo desagregado de inflação de custo. Dessa maneira, discutem-se os possíveis canais de transmissão que levariam a uma relação entre salário mínimo e inflação à luz dos dados brasileiros. Concluímos que choques no salário mínimo não produzem impacto tão significativo sobre a inflação, mas a política de valorização do salário mínimo também poderia atuar de forma indireta e influenciar a inflação. Esta última relação passa pelo efeito que a política de salário mínimo em conjunto com outras políticas institucionais e aspectos conjunturais do mercado de trabalho têm sobre a melhora de poder de barganha dos trabalhadores e do surgimento de uma inflação salarial mais resistente, a partir de 2006.Palavras-chave: Salário mínimo; Inflação de custo; Conflito distributivo; Salários nominais; Salários reais. Abstract A study on the relationship between the minimum wage and inflation in Brazil based on the inflation model of cost and distributive conflictIn the present paper we discuss the dynamics of Brazilian inflation in the period 2000-2014 and its relation to the minimum wage policy, from the standpoint of cost-push inflation. Thus, the possible transmission channels that would lead to a relationship between the minimum wage and inflation are analyzed, evaluating the empirical plausibility of these transmission channels regarding the Brazilian data. It is concluded that the direct impact of minimum wage shocks' on inflation is limited, but the policy of minimum wage can also influence inflation in an indirect way. This indirect mechanism results from the effect that the minimum wage policy, in conjunction with other institutional policies and the labor market conditions, has on improving the bargaining power of workers and, as a consequence, the emergence of a more resilient wage inflation, since 2006.

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Inflation, Unemployment and Hysteresis: An alternative view

Cited by 61 publications

References 17 publications

Marx on Absolute and Relative Wages and the Modern Theory of Distribution

Marx on Absolute and Relative Wages and the Modern Theory of Distribution

Sraffa and the Reconstruction of Economic Theory: Volume Two

Uma nota sobre a relação entre salário mínimo e inflação no Brasil a partir de um modelo de inflação de custo e conflito distributivo

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