wage setter


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Noun1.wage setter - any economic condition or variable that serves to set wage rates
economic condition - the condition of the economy
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This is because the distortion which introduces a divergence between the objective functions of the authorities and wage setter concerns only the average level of output and not the variance of output.
If the Bank felt, on the back of strong demand, it needed to send another message to wage setters, February could be too late.
Going into the busiest period of the year for pay reviews in the private sector, a key test for wage setters will be how they react to the higher inflation environment.
Sustained, heightened inflation expectations would be liable to adversely affect the behaviour of price and wage setters, thereby increasing the risk of a very damaging price-wage spiral developing.
The Committee is particularly concerned that current elevated inflation levels - primarily resulting from higher utility and food prices, as well as a markedly weaker pound - could lift expectations and thereby have significant second round effects through the behaviour of price and wage setters.
This paper argues that the monetary regime may affect whether co-ordination among many wage setters is feasible.
2) Their rational partisan theory (RPT) features the idea that the economy exhibits postelection output cycles when nominal wage contracts are signed before elections because wage setters hedge against the possible election outcomes.
If they have a reputation for validation, then price and wage setters will read more signal into a shock than if the authorities do not generally validate shocks.
Howard Archer, chief economist at Global Insight, said: "Sustained, heightened inflation expectations would be liable to adversely affect the behaviour of price and wage setters, thereby increasing the risk of a very damaging price-wage spiral developing.
1 per cent, wage setters are battling conflicting pressures of high inflation and low economic expectations.
Under centralised wage setting, the monetary regime affects the trade-off between consumer real wages and employment and profits faced by the wage setters.
The Bank remains particularly concerned that a near-term sharp spike up in inflation will lift inflation expectations and affect the medium-term behaviour of price and wage setters," he said.