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Author : Steinar Holden
Publisher :
ISBN 13 : 9788275532310
Total Pages : 31 pages
Book Rating : 4.5/5 (323 download)
Download or read book Downward Nominal Wage Rigidity in Europe written by Steinar Holden and published by . This book was released on 2004 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David E. Lebow
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.E/5 ( download)
Download or read book Downward Nominal Wage Rigidity written by David E. Lebow and published by . This book was released on 1999 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael W. L. Elsby
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.3/5 ( download)
Download or read book Evaluating the Economic Significance of Downward Nominal Wage Rigidity written by Michael W. L. Elsby and published by . This book was released on 2006 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper formalizes and assesses empirically the implications of widely observed evidence for downward nominal wage rigidity (DNWR). It shows how a model of DNWR informed by diverse evidence for worker resistance to nominal wage cuts is nevertheless consistent with weak macroeconomic effects. This occurs because firms have an incentive to compress wage increases as well as wage cuts when DNWR binds. By neglecting potential compression of wage increases, the previous literature may have overstated the costs of DNWR to firms. Using a broad range of micro--data from the US and Great Britain I find that firms do indeed compress wage increases as well as wage cuts at times when DNWR binds. Accounting for this reduces the estimated increase in aggregate wage growth due to DNWR to be much closer to zero, consistent with the predictions of the model. These results suggest that DNWR may not provide a strong argument against the targeting of low inflation rates, as practiced by many monetary authorities. Importantly, though, this result is nevertheless consistent with evidence that suggests workers are averse to nominal wage cuts.
Author : Steinar Holden
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 ( download)
Download or read book The Costs of Price Stability - Downward Nominal Wage Rigidity in Europe written by Steinar Holden and published by . This book was released on 2002 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: In most European countries, the prevailing terms of employment, including the nominal wage, can only be changed by mutual consent. I show that this feature implies that workers have a strategic advantage in the wage negotiations when they try to prevent a cut in nominal wages. If inflation is so low that some nominal wages have to be cut, the strategic advantage of the workers' induces higher unemployment in equilibrium. The upshot is a long run tradeoff between inflation and unemployment for low levels of inflation. The prediction that low inflation involves higher unemployment in Europe but not in the US, is consistent with previous empirical findings.
Author : Bruce Fallick
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Downward Nominal Wage Rigidity in the United States During and After the Great Recession written by Bruce Fallick and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rigidity in wages has long been thought to impede the functioning of labor markets. In this paper, we investigate the extent of downward nominal wage rigidity in US labor markets using job-level data from a nationally representative establishment-based compensation survey collected by the Bureau of Labor Statistics. We use several distinct methods to test for downward nominal wage rigidity and to assess whether such rigidity is less or more severe in the presence of negative economic shocks than in more normal economic times. We find a significant amount of downward nominal wage rigidity in the United States and no evidence that the high degree of labor market distress during the Great Recession reduced downward nominal wage rigidity. We further find a lower degree of nominal rigidity at multi-year horizons.
Author : Bank of Canada
Publisher :
ISBN 13 : 9780662258742
Total Pages : 29 pages
Book Rating : 4.2/5 (587 download)
Download or read book What Does Downward Nominal-wage Rigidity Imply for Monetary Policy? written by Bank of Canada and published by . This book was released on 1997 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Joseph G. Altonji
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (247 download)
Download or read book The Extent and Consequences of Downward Nominal Wage Rigidity written by Joseph G. Altonji and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using the Panel Study of Income Dynamics, we find that true wage changes have many fewer nominal cuts and more nominal freezes than reported nominal wage changes. The data overwhelmingly rejects a model of flexible wage changes and provides some evidence against a model of perfect downward rigidity in favor of a more general model. The more general model incorporates downward rigidity but specifies that nominal wage cuts may occur when large cuts would occur in the absence of wage rigidity. However, the results of the general model imply that nominal wage cuts are rare. We also analyze the personnel files of a large corporation and find cuts in base pay are rare and almost always associated with changes in full time status or a switch between compensation schemes involving incentives. Our evidence on the consequences of nominal wage rigidity is mixed. We find modest support for the hypothesis that workers who are overpaid because of nominal wage rigidity are less likely to quit.
Author : Bruce C. Fallick
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (947 download)
Download or read book Downward Nominal Wage Rigidity in the United States During and After the Great Recession written by Bruce C. Fallick and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sachiko Kuroda
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Impact of Downward Nominal Wage Rigidity on the Unemployment Rate written by Sachiko Kuroda and published by . This book was released on 2003 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jean Farès
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)
Download or read book The Employment Costs of Downward Nominal-wage Rigidity written by Jean Farès and published by . This book was released on 2000 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Uses firm-level wage and employment data to address whether there is evidence of downward nominal-wage rigidity, and whether that rigidity is associated with a reduction in employment.
Author :
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (932 download)
Download or read book Downward Nominal Wage Rigidity: written by and published by . This book was released on 2000 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labour market observers have long suspected that employers are unwilling to reduce the nominal wages paid to their workers even when they experience severe financial difficulties. This notion of downward nominal wage rigidity (DNWR) has played a prominent role in many models of the labour market and the economy. The first part of this paper reviews the literature on the extent & consequences of DNWR and presents the evidence for DNWR as an important labour market phenomenon. The second part examines the effect of DNWR on wage & employment determination in Canada during periods of low inflation. Data for this examination come from a new wage series based on individual data files from Statistics Canada's Survey of Consumer Finance for 1981 to 1997. This series is used to analyze the relationship between real wage changes and economic conditions. The implication that the real wage should decline less in periods of lower inflation is tested by estimating real wage Phillips curves that link the unemployment rate to the change in real wages. Several empirical strategies are employed to test the hypothesis that the Phillips curve became flatter when inflation dropped below 2% in the 1990s. A second empirical strategy relies on variation both across time & provinces in economic conditions to identify potential changes in the relationship between unemployment rates and changes in real wages. Finally, the paper exploits the richness of the Survey of Consumer Finance data to better understand the cyclical behaviour of real wages in Canada from 1981 to 1997.
Author : Michael William Leamington Elsby
Publisher :
ISBN 13 :
Total Pages : 336 pages
Book Rating : 4.:/5 (94 download)
Download or read book Downward nominal wage rigidity, money illusion, and irreversibility written by Michael William Leamington Elsby and published by . This book was released on 2005 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christoph Knoppik
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.E/5 ( download)
Download or read book How Rigid are Nominal Wages? written by Christoph Knoppik and published by . This book was released on 2001 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael W. L. Elsby
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (535 download)
Download or read book Evaluating the Economic Signifinance of Downward Nominal Wage Rigidity written by Michael W. L. Elsby and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Allan Crawford
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (299 download)
Download or read book Downward Nominal-wage Rigidity written by Allan Crawford and published by . This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Steinar Holden
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (191 download)
Download or read book Downward Nominal Wage Rigidity in the OECD written by Steinar Holden and published by . This book was released on 2007 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent micro studies have documented extensive downward nominal wage rigidity (DNWR)for job stayers in many OECD countries, but the effect on aggregate variables remains disputed. Using data for hourly nominal wages, we explore the existence of DNWR onwages at the industry level in 19 OECD countries, over the period 1973-1999. Based on a novel method, we reject the hypothesis of no DNWE. The fraction of wage cuts preventeddue to DNWR has fallen over time, from 61 percent in the 1970s to 16 percent in the late 1990s, but the number of industries affected by DNWR has increased. DNWR is more prevalent when unemployment is low, union density is high, and employment protection legislation is strict.
Download or read book Downward Nominal Wage Rigidity in Europe written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
