Germany - Wage policy and income distribution - September 30, 2017

A report of the Macroeconomic Policy Institute IMK on the role of nominal wages in trade and account surpluses is now available in English. The authors explain that a macroeconomically-oriented wage policy in Germany between 2001 and 2015 would have significantly curbed the growth in real net exports. However, it would have done little to contain the country’s nominal trade and current account surpluses. Moreover, such a macroeconomically-oriented wage policy would have fuelled stronger domestic growth, as well as having a significant positive impact on income distribution (i.e. a higher wage share).

Read on:   in English …

For more information, please contact the editor Jan Cremers, Amsterdam Institute for Advanced Labour Studies (AIAS) or the communications officer at the ETUI, Willy De Backer For previous issues of the Collective bargaining newsletter please visit Since June 2013 readers can consult our archive and search through all articles in our database at www.cbnarchive.euYou may find further information on the ETUI at, and on the AIAS at

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