工资—价格螺旋机制(The wage-price spiral):给定Pet=Pt-1,较低的ut较高的Wt增加mt增加Pt增加Wt+1增加mt+1etc.结果:持续的工资和价格膨胀。
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The wage-price spiral of the 1970s has been avoided, but the income shock is painful.
现在能避免20世纪70年代出现的工资物价螺旋上涨现象，但收入冲击仍然非常痛苦。
Inflation is likely to remain contained this year by the absence of price pressures globally while a wage-price spiral is not likely.
在全球没有涨价压力而工资物价螺旋上升也不太可能出现的情况下，今年通货膨胀仍会受到抑制。
Labour markets in the euro area are generally more rigid than those in Britain, so the ECB has more reason to worry about a wage-price spiral.
欧元区的劳动市场渐渐地变得比英国的更刚性，所以欧洲央行更需要担心会发生工资-物价螺旋上涨。
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