Contratos salariais justapostos e política anti-inflacionária

Abstract

The present paper analyses the problems of anti-inflationary policies facing overlapping wage contracts. It extends the pioneer conclusions of Stanley Fischer and John Taylor in late seventies, showing thatl with overlapping wage contracts monetary policies can affect real economic variables, even under rational expectations. Two important conclusions are that anti-inflatíonary policies open a door to temporary real wage increases without adverse side-effects on outpout and employment. And that, with overlapping wage contracts inflation cannot be sopped immediatly if nominal wages cannot be cut. The paper also discusses a number of propasals to synchronize wage adjustments moving from the overlapping contract structure to perfect indexation.