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As a result, workers are more likely to accept lower wageinflation but producers resist lowering price inflation.
In contrast, producers attempt to protect their profit markup during recessions, as evidenced by the larger output price inflation relative to nominal wageinflation.
Centralized bargaining aimed at trading wage moderation for welfare benefits and employment guarantees would lower wageinflation in any type of policy environment.
Nominal wageinflation is evident by the positive response to expansionary demand shocks in 29 industries.
In all of these cases, demand variability increases nominal wageinflation, on average, over time.
Producers attempt to maintain the stability of the profit markup by closely correlating nominal wageinflation to output price inflation during expansions.
During recessions, the larger reduction of nominal wageinflation compared to price inflation is not consistent with the implications of sticky-wage models.
Overall, the statistically insignificant response indicates close correlation between industrial nominal wageinflation and price inflation, maintaining the stability of industrial profit markup during expansions.
In the remaining industries, nominal wageinflation decreases, on average, in the face of demand variability, with a negative coefficient that is statistically insignificant.
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