Martin, Anne; Herr, Hansjörg; Heine, Michael - 2024
Inflationary processes are closely linked to wage-price spirals - such spirals can be triggered by many factors …, including natural resource price shocks, depreciation and inflationary demand. Empirically, the correlation between changes in … nominal unit labour costs and the price level is strong for almost all OECD countries, at levels above 0.8. The clear policy …