INFLATION AND INCOMES POLICY UNDER A CURRENCY BOARD: THE BULGARIAN CASE
Ivan Todorov - South-West University "Neofit Rilski", 66 Ivan Mihaylov Street, 2700 Blagoevgrad, Bulgaria
Nikolay Patonov - South-West University "Neofit Rilski", 66 Ivan Mihaylov Street, 2700 Blagoevgrad, Bulgaria
DOI: https://doi.org/10.31410/Balkans.JETSS.2023.6.2.75-89
Ivan Todorov - South-West University "Neofit Rilski", 66 Ivan Mihaylov Street, 2700 Blagoevgrad, Bulgaria
Nikolay Patonov - South-West University "Neofit Rilski", 66 Ivan Mihaylov Street, 2700 Blagoevgrad, Bulgaria
DOI: https://doi.org/10.31410/Balkans.JETSS.2023.6.2.75-89
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Balkans Journal of Emerging Trends in Social Sciences, (2023) , Vol 6, No 2
ISSN: 2620-164X |
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Abstract: This study examines the relationship between nominal salary and inflation in Bulgaria under a currency board. A theoretical background of the connection between incomes policy and inflation is provided. Autoregression with distributed lag (ARDL) is employed to analyze the relationship between the percentage change of average nominal salary, the rate of inflation, and the percentage change of average real labor productivity. The time-series data include observations from the third quarter of 1997 to the first quarter of 2022. The study results indicate the existence of both short-term and long-term relationships between inflation and the nominal change in average salary. It is also found that the link between the changes in nominal salary and real labor productivity is broken both in the short and the long term.
Keywords: Bulgaria, Inflation, Incomes policy, Currency board arrangement.
JEL Classification E31 · E64
Keywords: Bulgaria, Inflation, Incomes policy, Currency board arrangement.
JEL Classification E31 · E64
REFERENCES
Alawin, M., & Oqaily, M. (2017). Current Account Balance, Inflation, Industry and Sustainable Development in Jordan. Revista Galega de Economía, 26(3), 45-56. https://doi.org/10.15304/rge.26.3.4459
Avramov, R. (1999). The Role of a Currency Board in Financial Crises: The Case of Bulgaria. Bulgarian National Bank, Discussion Paper 6/1999. https://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/discussion_199906_en.pdf
Bidder, R. (2015). Are Wages Useful in Forecasting Price Inflation? FRBSF Economic Letter.
https://www.frbsf.org/wp-content/uploads/sites/4/el2015-33.pdf
Bobeica, E., Ciccarelli, M., & Vansteenkiste, I. (2019). The link between labor cost and price inflation in the euro area. The European Central Bank, WP No 2235. https://www.ecb.europa. eu//pub/pdf/scpwps/ecb.wp2235~69b97077ff.en.pdf
Campbell, J. R., & Rissman, E. R. (1994). Long-run labor market dynamics and short-run inflation. Economic Perspectives, Federal Reserve Bank of Chicago, 18(2), 15–27.
Central Bank of Iceland. (2000). Higher inflation and current account deficit call for restrictive economic policies. Monetary Bulletin, 1, 3-11.
Daly, M., & Hobijn, B. (2014). Downward Nominal Wage Rigidities Bend the Phillips Curve. Journal of Money, Credit, and Banking, 46(32), 51-93. https://doi.org/10.1111/jmcb.12152
Dickens, W. T., Goette, L., Groshen, E., Holden, S., Messina, J., Schweitzer, M., Turunen, J., & Ward, M. (2006). The Interaction of Labor Markets and Inflation: Analysis of Micro Data from the International Wage Flexibility Project. Mimeo, Brookings Institution. https://econpapers.repec.org/article/fipfedfpr/y_3a2006_3ax_3a4.htm.
Dornbusch, R., & Simonsen, M. H. (1987). Inflation Stabilization with Incomes Policy Support: A Review of the Experience of Argentina, Brazil and Israel. Group of Thirty, NY, NBER WP No 2153. https://doi.org/10.3386/w2153
Downes, A. S., Holder, C., & Leon, H. (1990). The wage-price-productivity relationship in a small developing country: the case of Barbados. Social and Economic Studies, 39(2), 49–77. http://www.jstor.org/stable/27864936
Du Caju, P., Fuss, C., & Wintr, L. (2009). Understanding Sectoral Differences in Downward Real Wage Rigidity: Workforce Composition, Institutions, Technology and Competition. Euro-pean Central Bank, WP No 1006. https://doi.org/10.2139/ssrn.1684104
Edward, S., Knotek, E. S., & Zaman, S. (2014). On the Relationships between Wages, Prices, and Economic Activity. The Cleveland Fed, Economic Commentary. https://www.clevelandfed.org/newsroom-and-events/publications/economic-commentary/2014-economic-commen-taries/ec-201414-on-the-relationships-between-wages-prices-and-economic-activity.aspx.
Emery, K., & Chang, C.-P. (1996). Do Wages Help Predict Inflation. Economic Review First Quarter 1996, Dallas Fed. https://www.dallasfed.org/~/media/documents/research/er/1996/er9601a.pdf.
Frank, D. (2005). How Currency Board Collapse: The Case of Argentina. Seminar paper. http://www.tiberian.ch/files/cbrd_arg.pdf.
Gali, J., & Gertler, M. (1999). Inflation dynamics: a structural econometric analysis. Journal of Monetary Economics, 44, 195–222. https://doi.org/10.1016/s0304-3932(99)00023-9
Ganchev, G., & Todorov, I. (2021). Taxation, government spending and economic growth: The case of Bulgaria. Journal of Tax Reform, 7(3), 255–266. https://doi.org/10.15826/jtr.2021.7.3.102
Ganchev, G., Tsenkov, V., & Stavrova, E. (2014). Exploring the relationship between credit and nominal GDP. The European Money and Finance Forum. Money, Regulation and Growth: Financing New Growth in Europe, 17-39.
Ghali, K. H. (1999). Wage growth and the inflation process: A multivariate co-integration analysis. Journal of Money, Credit, and Banking, 31(3), 417–431. https://doi.org/10.2307/2601119
Hu, L., & Toussaint-Comeau, M. (2010). Do Labor Market Activities Help Predict Inflation? Economic Perspectives, (Q II), 52–63.
Huh, S. G., & Trehan, B. (1995). Modeling the time-series behavior of the aggregate wage rate. Economic Review, Federal Reserve Bank of San Francisco, No. 1, 3–13.
Kiguel, M. A. (1999). The Argentine Currency Board. CEMA Working Papers: Serie Documentos de Trabajo 152, Universidad del CEMA. Available at: https://ideas.repec.org/p/cem/doc-tra/152.html.
Lozev, I., Vladova, Z., & Paskaleva, D. (2011). Wage-setting Behavior of Bulgarian Firms: Evidence from Survey Data. Bulgarian National Bank, Discussion Paper 87. https://www.bnb. bg/bnbweb/groups/public/documents/bnb_publication/discussion_2011_87_en.pdf.
Luis, C., & Terrones, M. (2003). Fiscal Deficits and Inflation. IMF, WP/03/65, [online] https://www.imf.org/external/pubs/ft/wp/2003/wp0365.pdf.
Mehra, Y. P. (2000). Wage-price dynamics: are they Consistent with Cost Push? Economic Quarterly, (Sum), 27-43.
Minassian, G. (2022). Currency adaptation. (In Bulgarian). Ikonomicheski zhivot. Available at: https://ikj.bg/glasove-mneniya/valutna-adaptatsia/.
Nenovsky, N., & Koleva, D. (2001). Real Wage Rigidity and the Monetary Regime Choice. Bulgarian National Bank working paper, DP No 18/2001. Available at: https://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/discussion_200118_en.pdf.
Paskaleva, D. (2016). Labor Cost and Price Adjustment Practices of Bulgarian Firms in the Period 2009–2013. BNB Working Paper, DP/101/2016. Available at: https://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/discussion_2016_101_en.pdf.
Patonov, N., & Zhegova, K. (2019). EU Membership and Foreign Trade Structure: What the Case of Bulgaria Could Say. Medzinarodne vztahy (Journal of International Relations), 17(1), 24-43.
Peneva, E. V., & Rudd, J. B. (2017). The Pass-through of Labor Costs to Price Inflation. Journal of Money, Credit and Banking, 49(8), 1777–1802. https://doi.org/10.1111/jmcb.12449
Quinn, G. (1967). Incomes Policy: A Discussion. Studies: An Irish Quarterly Review, 56(221), 28–40. http://www.jstor.org/stable/30087808
Rogers, J., Hufbauer, G. C., & Wada, E. (2001). Price Level Convergence and Inflation in Europe. Peterson Institute for International Economics, WP No. 01-1. Available at: https://www.piie.com/sites/default/files/publications/wp/01-1.pdf.
Salama, P. (2012). Economic Growth and Inflation in Argentina under Kirchner’s Government. Centro Editorial FCE-CID, Documento Escuela de Economía No. 28. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2140229.
Sbordone, A. (2002). Price and Unit Labor Costs: A New Test of Price Stickiness. Journal of Monetary Economics, 49, 265-292. https://doi.org/10.1016/s0304-3932(01)00111-8
Sbordone, A. (2005). Do Expected Future Marginal Costs Drive Inflation Dynamics? Journal of Monetary Economics, 52, 1183-1197. https://doi.org/10.1016/j.jmoneco.2005.08.010
Schweitzer, M., & Hess, G. (2000). Does Wage Inflation Cause Price Inflation? Federal Reserve Bank of Cleveland, Policy Discussion Paper No. 00-01. Available at: https://www.cleve-landfed.org/en/newsroom-and-events/publications/discontinued-publications/policy-dis-cussion-papers/pdp-0001-does-wage-inflation-cause-price-inflation.aspx.
Setiawan, A. F. (2003). Lessons from Argentina’s currency board system for Indonesia. Buletin Ekonomi Moneter Dan Perbankan, 5(3), 122-157. https://doi.org/10.21098/bemp.v5i3.315
Spiegel, M. M. (1998). A Currency Board for Indonesia? FRBSF Economic Letter 1998-09, Federal Reserve Bank of San Francisco. Available at: https://www.frbsf.org/economic-research/publications/economic-letter/1998/march/a-currency-board-for-indonesia/.
Stoilova, D., & Todorov, I. (2021). Fiscal policy and economic growth: Evidence from Central and Eastern Europe. Journal of Tax Reform, 7(2), 146–159. https://doi.org/10.15826/jtr.2021.7.2.095
Stoykova, A., & Paskaleva, M. (2018). Correlation Dynamics between Southeast European Capital Markets. Economic Studies journal, Is. 4, 49-82.
Strauss, J., & Wohar, M. E. (2004). The Linkage between Prices, Wages, and Labor Productivity: A Panel Study of Manufacturing Industries. Southern Economic Journal, 70(4), 920-941. https://doi.org/10.2307/4135280
Tanchev, S. (2021). Long-run equilibrium between personal income tax and economic growth in Bulgaria. Journal of Tax Reform, 7(1), 55–67. https://doi.org/10.15826/jtr.2021.7.1.090
Tanchev, S., & Todorov, I. (2019). Tax Buoyancy and Economic Growth: Empirical Evidence of Bulgaria. Journal of Tax Reform, 5(3), 236–248. https://doi.org/10.15826/jtr.2019.5.3.070
Tatierska, S. (2010). Do Unit Labor Costs Drive Inflation in the Euro Area? National Bank of Slovakia, Working Paper Series, WP No. 2/2010. Available at: https://www.nbs.sk/_img/documents/publik/wp_2-2010.pdf.
Todorov, I. (2012). State budget problems: consequences and solutions. Economics and management, Is. 1, 36-40.
Todorov, I., & Boneva, S. (2022). The Real Convergence of the NMS-10 to the EU-15. Economic Alternatives, Is.1, 5-16.
Todorov, I., & Durova, K. (2020). The Fiscal Policy of Bulgaria from the Standpoints of the Business Cycle and the Twin Deficits Hypothesis. Journal of Tax Reform, 6(3), 256–269. https://doi.org/10.15826/jtr.2020.6.3.085
Todorov, I., & Stavrova, E. (2022). The impact of output structure and nominal convergence on real convergence: the case of Bulgaria. Revista Inclusiones: Revista de Humanidades y Ciencias Sociales, 9(1), 288-297.
Todorov, I., Usheva, M., Tanchev, S., & Yurukov, P. (2020). Does a discretionary policy or an automatic adjustment mechanism determine monetary conditions in Bulgaria? (In Bulgarian). Economic thought journal, Is. 4, 95-114. https://doi.org/10.56497/etj2065403
Vasilev, A., & Manolova, H. (2019). Wage Dynamics and Bulgaria: Co-movement and Causality. South-Eastern Europe Journal of Economics, 17(1), 91-127.
Vladova, Z. (2012). Survey Evidence on Price-setting Behavior of Firms in Bulgaria. Bulgarian National Bank Working Paper series, Sofia, Bulgaria.
Vladova, Z., & Pachedzhiev, S. (2008). Empirical Analysis of Inflation Persistence and Price Dynamics in Bulgaria, Bulgarian National Bank, Discussion papers, DP/70/2008.
Website of Eurostat (the Statistical office of the European Union) https://ec.europa.eu/eurostat.
Zanetti, A. (2007). Do Wages Lead Inflation? Swiss Evidence. Swiss Journal of Economics and Statistics, 143(1), 67-92. https://doi.org/10.1007/bf03399234
REFERENCES
Alawin, M., & Oqaily, M. (2017). Current Account Balance, Inflation, Industry and Sustainable Development in Jordan. Revista Galega de Economía, 26(3), 45-56. https://doi.org/10.15304/rge.26.3.4459
Avramov, R. (1999). The Role of a Currency Board in Financial Crises: The Case of Bulgaria. Bulgarian National Bank, Discussion Paper 6/1999. https://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/discussion_199906_en.pdf
Bidder, R. (2015). Are Wages Useful in Forecasting Price Inflation? FRBSF Economic Letter.
https://www.frbsf.org/wp-content/uploads/sites/4/el2015-33.pdf
Bobeica, E., Ciccarelli, M., & Vansteenkiste, I. (2019). The link between labor cost and price inflation in the euro area. The European Central Bank, WP No 2235. https://www.ecb.europa. eu//pub/pdf/scpwps/ecb.wp2235~69b97077ff.en.pdf
Campbell, J. R., & Rissman, E. R. (1994). Long-run labor market dynamics and short-run inflation. Economic Perspectives, Federal Reserve Bank of Chicago, 18(2), 15–27.
Central Bank of Iceland. (2000). Higher inflation and current account deficit call for restrictive economic policies. Monetary Bulletin, 1, 3-11.
Daly, M., & Hobijn, B. (2014). Downward Nominal Wage Rigidities Bend the Phillips Curve. Journal of Money, Credit, and Banking, 46(32), 51-93. https://doi.org/10.1111/jmcb.12152
Dickens, W. T., Goette, L., Groshen, E., Holden, S., Messina, J., Schweitzer, M., Turunen, J., & Ward, M. (2006). The Interaction of Labor Markets and Inflation: Analysis of Micro Data from the International Wage Flexibility Project. Mimeo, Brookings Institution. https://econpapers.repec.org/article/fipfedfpr/y_3a2006_3ax_3a4.htm.
Dornbusch, R., & Simonsen, M. H. (1987). Inflation Stabilization with Incomes Policy Support: A Review of the Experience of Argentina, Brazil and Israel. Group of Thirty, NY, NBER WP No 2153. https://doi.org/10.3386/w2153
Downes, A. S., Holder, C., & Leon, H. (1990). The wage-price-productivity relationship in a small developing country: the case of Barbados. Social and Economic Studies, 39(2), 49–77. http://www.jstor.org/stable/27864936
Du Caju, P., Fuss, C., & Wintr, L. (2009). Understanding Sectoral Differences in Downward Real Wage Rigidity: Workforce Composition, Institutions, Technology and Competition. Euro-pean Central Bank, WP No 1006. https://doi.org/10.2139/ssrn.1684104
Edward, S., Knotek, E. S., & Zaman, S. (2014). On the Relationships between Wages, Prices, and Economic Activity. The Cleveland Fed, Economic Commentary. https://www.clevelandfed.org/newsroom-and-events/publications/economic-commentary/2014-economic-commen-taries/ec-201414-on-the-relationships-between-wages-prices-and-economic-activity.aspx.
Emery, K., & Chang, C.-P. (1996). Do Wages Help Predict Inflation. Economic Review First Quarter 1996, Dallas Fed. https://www.dallasfed.org/~/media/documents/research/er/1996/er9601a.pdf.
Frank, D. (2005). How Currency Board Collapse: The Case of Argentina. Seminar paper. http://www.tiberian.ch/files/cbrd_arg.pdf.
Gali, J., & Gertler, M. (1999). Inflation dynamics: a structural econometric analysis. Journal of Monetary Economics, 44, 195–222. https://doi.org/10.1016/s0304-3932(99)00023-9
Ganchev, G., & Todorov, I. (2021). Taxation, government spending and economic growth: The case of Bulgaria. Journal of Tax Reform, 7(3), 255–266. https://doi.org/10.15826/jtr.2021.7.3.102
Ganchev, G., Tsenkov, V., & Stavrova, E. (2014). Exploring the relationship between credit and nominal GDP. The European Money and Finance Forum. Money, Regulation and Growth: Financing New Growth in Europe, 17-39.
Ghali, K. H. (1999). Wage growth and the inflation process: A multivariate co-integration analysis. Journal of Money, Credit, and Banking, 31(3), 417–431. https://doi.org/10.2307/2601119
Hu, L., & Toussaint-Comeau, M. (2010). Do Labor Market Activities Help Predict Inflation? Economic Perspectives, (Q II), 52–63.
Huh, S. G., & Trehan, B. (1995). Modeling the time-series behavior of the aggregate wage rate. Economic Review, Federal Reserve Bank of San Francisco, No. 1, 3–13.
Kiguel, M. A. (1999). The Argentine Currency Board. CEMA Working Papers: Serie Documentos de Trabajo 152, Universidad del CEMA. Available at: https://ideas.repec.org/p/cem/doc-tra/152.html.
Lozev, I., Vladova, Z., & Paskaleva, D. (2011). Wage-setting Behavior of Bulgarian Firms: Evidence from Survey Data. Bulgarian National Bank, Discussion Paper 87. https://www.bnb. bg/bnbweb/groups/public/documents/bnb_publication/discussion_2011_87_en.pdf.
Luis, C., & Terrones, M. (2003). Fiscal Deficits and Inflation. IMF, WP/03/65, [online] https://www.imf.org/external/pubs/ft/wp/2003/wp0365.pdf.
Mehra, Y. P. (2000). Wage-price dynamics: are they Consistent with Cost Push? Economic Quarterly, (Sum), 27-43.
Minassian, G. (2022). Currency adaptation. (In Bulgarian). Ikonomicheski zhivot. Available at: https://ikj.bg/glasove-mneniya/valutna-adaptatsia/.
Nenovsky, N., & Koleva, D. (2001). Real Wage Rigidity and the Monetary Regime Choice. Bulgarian National Bank working paper, DP No 18/2001. Available at: https://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/discussion_200118_en.pdf.
Paskaleva, D. (2016). Labor Cost and Price Adjustment Practices of Bulgarian Firms in the Period 2009–2013. BNB Working Paper, DP/101/2016. Available at: https://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/discussion_2016_101_en.pdf.
Patonov, N., & Zhegova, K. (2019). EU Membership and Foreign Trade Structure: What the Case of Bulgaria Could Say. Medzinarodne vztahy (Journal of International Relations), 17(1), 24-43.
Peneva, E. V., & Rudd, J. B. (2017). The Pass-through of Labor Costs to Price Inflation. Journal of Money, Credit and Banking, 49(8), 1777–1802. https://doi.org/10.1111/jmcb.12449
Quinn, G. (1967). Incomes Policy: A Discussion. Studies: An Irish Quarterly Review, 56(221), 28–40. http://www.jstor.org/stable/30087808
Rogers, J., Hufbauer, G. C., & Wada, E. (2001). Price Level Convergence and Inflation in Europe. Peterson Institute for International Economics, WP No. 01-1. Available at: https://www.piie.com/sites/default/files/publications/wp/01-1.pdf.
Salama, P. (2012). Economic Growth and Inflation in Argentina under Kirchner’s Government. Centro Editorial FCE-CID, Documento Escuela de Economía No. 28. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2140229.
Sbordone, A. (2002). Price and Unit Labor Costs: A New Test of Price Stickiness. Journal of Monetary Economics, 49, 265-292. https://doi.org/10.1016/s0304-3932(01)00111-8
Sbordone, A. (2005). Do Expected Future Marginal Costs Drive Inflation Dynamics? Journal of Monetary Economics, 52, 1183-1197. https://doi.org/10.1016/j.jmoneco.2005.08.010
Schweitzer, M., & Hess, G. (2000). Does Wage Inflation Cause Price Inflation? Federal Reserve Bank of Cleveland, Policy Discussion Paper No. 00-01. Available at: https://www.cleve-landfed.org/en/newsroom-and-events/publications/discontinued-publications/policy-dis-cussion-papers/pdp-0001-does-wage-inflation-cause-price-inflation.aspx.
Setiawan, A. F. (2003). Lessons from Argentina’s currency board system for Indonesia. Buletin Ekonomi Moneter Dan Perbankan, 5(3), 122-157. https://doi.org/10.21098/bemp.v5i3.315
Spiegel, M. M. (1998). A Currency Board for Indonesia? FRBSF Economic Letter 1998-09, Federal Reserve Bank of San Francisco. Available at: https://www.frbsf.org/economic-research/publications/economic-letter/1998/march/a-currency-board-for-indonesia/.
Stoilova, D., & Todorov, I. (2021). Fiscal policy and economic growth: Evidence from Central and Eastern Europe. Journal of Tax Reform, 7(2), 146–159. https://doi.org/10.15826/jtr.2021.7.2.095
Stoykova, A., & Paskaleva, M. (2018). Correlation Dynamics between Southeast European Capital Markets. Economic Studies journal, Is. 4, 49-82.
Strauss, J., & Wohar, M. E. (2004). The Linkage between Prices, Wages, and Labor Productivity: A Panel Study of Manufacturing Industries. Southern Economic Journal, 70(4), 920-941. https://doi.org/10.2307/4135280
Tanchev, S. (2021). Long-run equilibrium between personal income tax and economic growth in Bulgaria. Journal of Tax Reform, 7(1), 55–67. https://doi.org/10.15826/jtr.2021.7.1.090
Tanchev, S., & Todorov, I. (2019). Tax Buoyancy and Economic Growth: Empirical Evidence of Bulgaria. Journal of Tax Reform, 5(3), 236–248. https://doi.org/10.15826/jtr.2019.5.3.070
Tatierska, S. (2010). Do Unit Labor Costs Drive Inflation in the Euro Area? National Bank of Slovakia, Working Paper Series, WP No. 2/2010. Available at: https://www.nbs.sk/_img/documents/publik/wp_2-2010.pdf.
Todorov, I. (2012). State budget problems: consequences and solutions. Economics and management, Is. 1, 36-40.
Todorov, I., & Boneva, S. (2022). The Real Convergence of the NMS-10 to the EU-15. Economic Alternatives, Is.1, 5-16.
Todorov, I., & Durova, K. (2020). The Fiscal Policy of Bulgaria from the Standpoints of the Business Cycle and the Twin Deficits Hypothesis. Journal of Tax Reform, 6(3), 256–269. https://doi.org/10.15826/jtr.2020.6.3.085
Todorov, I., & Stavrova, E. (2022). The impact of output structure and nominal convergence on real convergence: the case of Bulgaria. Revista Inclusiones: Revista de Humanidades y Ciencias Sociales, 9(1), 288-297.
Todorov, I., Usheva, M., Tanchev, S., & Yurukov, P. (2020). Does a discretionary policy or an automatic adjustment mechanism determine monetary conditions in Bulgaria? (In Bulgarian). Economic thought journal, Is. 4, 95-114. https://doi.org/10.56497/etj2065403
Vasilev, A., & Manolova, H. (2019). Wage Dynamics and Bulgaria: Co-movement and Causality. South-Eastern Europe Journal of Economics, 17(1), 91-127.
Vladova, Z. (2012). Survey Evidence on Price-setting Behavior of Firms in Bulgaria. Bulgarian National Bank Working Paper series, Sofia, Bulgaria.
Vladova, Z., & Pachedzhiev, S. (2008). Empirical Analysis of Inflation Persistence and Price Dynamics in Bulgaria, Bulgarian National Bank, Discussion papers, DP/70/2008.
Website of Eurostat (the Statistical office of the European Union) https://ec.europa.eu/eurostat.
Zanetti, A. (2007). Do Wages Lead Inflation? Swiss Evidence. Swiss Journal of Economics and Statistics, 143(1), 67-92. https://doi.org/10.1007/bf03399234
Association of Economists and Managers of the Balkans
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E-mail: [email protected]
www.udekom.org.rs
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Registration number.: 28157347