See for a more detailed discussion Bodnár, K., Gonçalves, E., Gόrnicka, L. and G. Koester (2022), "Wage developments and their determinants since the start of the pandemic", Economic Bulletin Issue 8, 2022. 20. See also Koester, G, Benatti, N. and A. Vlad (2020), "Assessing wage dynamics during the COVID-19 pandemic: can data on negotiated wages help?" ECB Economic Bulletin Box, Issue 8. 21.
See also Philip R. Lane (2022), “The euro area outlook: some analytical considerations”, Speech at Bruegel, Brussels, 5 May 2022 22. One important caveat is that contracts can be re-negotiated in response to unexpected inflation shocks: the ex-ante agreement does not fully describe ex-post outcomes in these circumstances.