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The Employment Costs Of Downward Nominal Wage Rigidity
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Book Synopsis The Employment Costs of Downward Nominal-wage Rigidity by : Jean Farès
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.
Book Synopsis Downward Nominal Wage Rigidity by : David E. Lebow
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:
Book Synopsis The Costs of Price Stability - Downward Nominal Wage Rigidity in Europe by : Steinar Holden
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.
Book Synopsis Downward Nominal Wage Rigidity: by :
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.
Download or read book Wage Rigidity written by Beth Anne Wilson and published by . This book was released on 1999 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Downward Nominal Wage Rigidity in the United States During and After the Great Recession by : Bruce C. Fallick
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 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Evaluating the Economic Significance of Downward Nominal Wage Rigidity by : Michael W. L. Elsby
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.
Book Synopsis Downward Nominal Wage Rigidity in the United States by : André Kurmann
Download or read book Downward Nominal Wage Rigidity in the United States written by André Kurmann and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Robustness and Real Consequences of Nominal Wage Rigidity by : Ernst Fehr
Download or read book The Robustness and Real Consequences of Nominal Wage Rigidity written by Ernst Fehr and published by . This book was released on 2000 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How Rigid are Nominal Wages? by : Christoph Knoppik
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:
Book Synopsis Downward Nominal-Wage Rigidity by : Bank of Canada
Download or read book Downward Nominal-Wage Rigidity written by Bank of Canada and published by . This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The costs price stability-downward nominal wage rigidity in Europe by : Steinar Holden
Download or read book The costs price stability-downward nominal wage rigidity in Europe written by Steinar Holden and published by . This book was released on 2002 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Extent and Consequences of Downward Nominal Wage Rigidity by : Joseph G. Altonji
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.
Book Synopsis Downward nominal and real wage rigidity : survey evidence from European firms by : Jan Babecky
Download or read book Downward nominal and real wage rigidity : survey evidence from European firms written by Jan Babecky and published by . This book was released on 2009 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: It has been well established that the wages of individual workers react little, especially downwards, to shocks that hit their employer. This paper presents new evidence from a unique survey of firms across Europe on the prevalence of downward wage rigidity in both real and nominal terms. The authors analyse which firm-level and institutional factors are associated with wage rigidity. The results indicate that it is related to workforce composition at the establishment level in a manner that is consistent with related theoretical models (e.g. efficiency wage theory, insider-outsider theory). The analysis also finds that wage rigidity depends on the labour market institutional environment. Collective bargaining coverage is positively related with downward real wage rigidity, measured on the basis of wage indexation. Downward nominal wage rigidity is positively associated with the extent of permanent contracts and this effect is stronger in countries with stricter employment protection regulations.
Book Synopsis Downward Nominal Wage Rigidity in the OECD by : Steinar Holden
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.
Book Synopsis Wage Fluctuations in Japan After the Bursting of the Bubble Economy by : Sachiko Kuroda
Download or read book Wage Fluctuations in Japan After the Bursting of the Bubble Economy written by Sachiko Kuroda and published by . This book was released on 2005 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Downward Nominal Wage Rigidity, Inflation and Unemployment by : Dany Brouillette
Download or read book Downward Nominal Wage Rigidity, Inflation and Unemployment written by Dany Brouillette and published by . This book was released on 2017 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Recent evidence suggests that the extent of downward nominal wage rigidity (DNWR) inthe Canadian labour market has risen following the 2008-09 recession. This note studies whether DNWR can lead to a long‐run trade‐off between inflation and unemployment, especially at lower rates of inflation-a question that has important implications for the optimal level of inflation in the long run. The results suggest that the trade‐off between unemployment and inflation remains weak despite the estimated increase in DNWR. In particular, the long‐run Phillips curve is close to vertical at inflation rates of 2 per cent or more, in line with earlier findings. As a result, an increase in long‐term inflation from 2 to 3 per cent would lower unemployment by about 0.1-0.2 percentage points. Overall, our results suggest that the benefits of raising the inflation target to attain a lower long‐term unemployment level seem rather weak"--Abstract, p. iii.
