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The Role of Batched Wage Indexation in Controlling Inflation Expectations
批次化工资指数化在管控通胀预期中的作用
精读先不看文字，完整听一遍。
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Wage contracts indexed to inflation often activate only at pre-agreed quarterly or semiannual intervals, not continuously.与通胀挂钩的工资合同通常只在预先约定的季度或半年度节点生效，而非持续调整。
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This built-in lag prevents wage-price spirals by decoupling pay adjustments from short-term CPI volatility.这种内生滞后性通过将薪资调整与短期CPI波动脱钩，防止了工资-物价螺旋上升。
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Central banks monitor these scheduled indexation dates closely when setting forward guidance on policy rates.央行在制定政策利率的前瞻性指引时，会密切关注这些既定的指数化调整时点。
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Workers gain real-income protection without triggering immediate price hikes from employers facing fixed costs.劳动者获得实际收入保障，而雇主因固定成本约束，无需立即涨价。
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Firms respond by smoothing hiring and training budgets across indexation cycles instead of reacting impulsively.企业转而平滑招聘和培训预算，使其跨越指数化周期，而非做出冲动反应。
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Emerging economies using annual wage batches report lower inflation persistence than those with monthly adjustments.采用年度批量调整工资的新兴经济体，其通胀持续性低于实行月度调整的经济体。
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Critics warn that overly long intervals risk eroding purchasing power during high-inflation episodes.批评者警告，间隔过长可能在高通胀时期侵蚀购买力。
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Yet empirical analysis confirms that moderate batching strengthens monetary transmission mechanisms.但实证分析证实，适度的批量调整能强化货币政策传导机制。
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It introduces discipline into labor negotiations by anchoring expectations to institutional rhythms.它通过将预期锚定于制度性节奏，为劳资谈判注入纪律性。
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Here, timing itself becomes part of the anti-inflation toolkit—not just interest rates or rhetoric.在此，时机本身成为抗通胀工具的一部分——而不仅限于利率或 rhetoric。
精读 · 大约 10 分钟
听 → 读 → 学表达 → 懂 → 今天会说这一句 → 跟读录音 → 自己说一句。
③ 学 · 重点表达
- Yet empirical analysis confirms that moderate batching strengthens monetary transmission mechanisms. 但实证分析证实，适度的批量调整能强化货币政策传导机制。
- It introduces discipline into labor negotiations by anchoring expectations to institutional rhythms. 它通过将预期锚定于制度性节奏，为劳资谈判注入纪律性。
- Critics warn that overly long intervals risk eroding purchasing power during high-inflation episodes. 批评者警告，间隔过长可能在高通胀时期侵蚀购买力。
④ 懂 · 选一选
⑤ 今天会说这一句
Yet empirical analysis confirms that moderate batching strengthens monetary transmission mechanisms.
⑥ 跟读并录音
Yet empirical analysis confirms that moderate batching strengthens monetary transmission mechanisms.
第一版：录下来、回听、再听标准音。系统打分以后再加。
⑦ 说 · 自己来一句
用今天的表达，自己说一句。
例子：Yet empirical analysis confirms that moderate batching strengthens monetary transmission mechanisms.
已记下。连续天数以后会显示在课表里。
陈老师指导
课程开发中，敬请期待。成人和孩子都可以先自学听读、精读。
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课程开发中，敬请期待。