This paper investigates the public-private remuneration pattern in South Africa since the introduction of an inflation-targeting framework in 2000. Co-integration tests and analysis confirm that there is a stable, long-run relationship between nominal and real remuneration in the public and private sector. The adjustment to the deviations from this long-run relationship is strong and significant for public-sector remuneration, while private-sector wages neither respond to the deviations from the long-run relationship nor lagged changes of public sector remuneration. The causal direction from private- to public-sector remuneration does not change if real earnings are calculated with the gross domestic product (GDP) deflator. This is confirmed by simple Granger causality tests. If this pattern remains stable, efforts to slow down the speed of the wage-price spiral should not exclude the private sector.

中文翻译：

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南非的总体公私薪酬模式

本文调查了自 2000 年引入通胀目标框架以来南非的公私薪酬模式。协整检验和分析证实，公众和实际薪酬之间存在稳定的长期关系。私营部门。公共部门薪酬对偏离这种长期关系的调整是强烈而显着的，而私营部门工资既不响应长期关系的偏离，也不对公共部门薪酬的滞后变化做出反应。如果实际收入是用国内生产总值 (GDP) 平减指数计算的，那么从私营部门薪酬到公共部门薪酬的因果方向不会改变。简单的格兰杰因果检验证实了这一点。如果这种模式保持稳定，