This book provides a systematic and coherent framework for understanding the interactions
between the micro and macro dimensions of economic adjustment policies; that is, it …

This paper examines the role of the labor market in the transmission process of adjustment
policies in developing countries. It begins by reviewing the recent evidence regarding the …

International Macroeconomics: Theory and Policy offers phenomenal coverage across the
entire subject of international macroeconoimics in an open economy context. The book has …

This paper provides an analytical overview of models of segmented urban labor markets in
developing countries. It begins by reviewing the characteristics of the labor market in these …

Since the mid-1970s, there has been considerable research on the macroeconomic
consequences of wage indexation. Nonetheless, until recently, this research had not …

While a standard academic presumption has been that wage indexation reduces the cost of
disinflation, policymakers generally contend that wage indexing makes disinflation more …

Since Gray (1976) and Fischer (1977), the accepted view is that wage indexation stabilizes
output when shocks are nominal and destabilizes output when shocks are real. This paper …

This paper aims to explain the differences in macroeconomic performance between Japan
and West Germany with respect to disinflating and stabilizing the economy after the two oil …

This paper reexamines the macroeconomic effects of wage indexation in an open economy
under alternative exchange rate regimes. The main finding is that, once the lags in actual …

Since the seminal papers by Gray (1976) and Fischer (1977) were published, the major
theorem of the wage indexation literature has been that indexing wages stabilizes output …