T 4.23-as KTI szemináriumi szobában 2023.11.23-án, 13.00 órától.
Előadó: Lukas Buchheim
Cím: Inflation and Wage Expectations of Firms and Employees
We study the link between inflation and wage expectations on both sides of the negotiating table using new and extensive panel data of German firms and employees. In the data, a one percentage increase in inflation expectations is associated with 0.23 percentage points higher own wage growth for firms, and about 0.1 higher expected wage growth for employees. Our surveys allow to investigate several mechanisms for why the average pass-through may be so low. In line with theory, the intensive margin of pass-through—i.e., pass-through conditional on negotiations taking place—is considerably higher than average pass-through. Similarly, employees searching for a new job anticipate higher pass-through. Finally, for employees’ wage growth expectations are more strongly driven by realized than by expected inflation, while past and expected inflation appear equally important in determining firms’ wage growth expectations.
Az előadóval lehetőség van személyesen is beszélgetni a T4.23-as teremben, ún. minimeetingek keretében, amelyre az alábbi linken lehet regisztrálni: