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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 : 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 :
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 : 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 C. Fallick
Publisher :
ISBN 13 :
Total Pages : 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 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 : Pierpaolo Benigno
Publisher : International Monetary Fund
ISBN 13 : 1451871813
Total Pages : 48 pages
Book Rating : 4.4/5 (518 download)
Download or read book The Inflation-Unemployment Trade-off at Low Inflation written by Pierpaolo Benigno and published by International Monetary Fund. This book was released on 2009-03-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a long-run Phillips curve relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes flatter as inflation declines. Second, macroeconomic volatility shifts the Phillips curve outward, implying that stabilization policies can play an important role in shaping the trade-off. Third, nominal wages tend to be endogenously rigid also upward, at low inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of inflation decreases: this implies a long-run trade-off also between the volatility of unemployment and that of wage inflation.
Author : Heiko Stüber
Publisher : wbv Media GmbH & Company KG
ISBN 13 : 3763940685
Total Pages : 153 pages
Book Rating : 4.7/5 (639 download)
Download or read book Wage Rigidity in Germany written by Heiko Stüber and published by wbv Media GmbH & Company KG. This book was released on 2013-04-22 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: Die Interaktion zwischen Inflation und Arbeitslosigkeit beschäftigt Forscher und Politiker bereits eine längere Zeit. Doch existiert tatsächlich ein Zielkonflikt zwischen Inflation und Arbeitslosigkeit? Heiko Stüber geht dieser und anderen Fragen, die sich mit Lohnstarreit beschäftigen, nach. Der erste und gewichtigste Teil des Buches beschäftigt sich mit Abwärtsnominallohnstarrheit. Er bietet einen Überblick über Ursachen, Ausmaß und Implikationen dieser Starrheit, betrachtet ihre makroökonomischen Konsequenzen und untersucht inwiefern die Starrheit Arbeitnehmer unterschiedlich betrifft. Der zweite Teil des Buches beschäftigt sich mit der Reallohnrigidität neu eingestellter Arbeitnehmer über den Konjunkturzyklus. Der Buchteil bietet einen kurzen Überblick bisheriger empirischer Untersuchungen und neuester Entwicklungen und stellt empirische Evidenz zur Zyklizität von Einstiegslöhnen in Deutschland bereit.
Author : Ernst Fehr
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.X/5 (6 download)
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:
Author : Bank of Canada
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (874 download)
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:
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 : Sachiko Kuroda
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (318 download)
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:
Author : Wilfred Beckerman
Publisher : Bloomsbury Academic
ISBN 13 :
Total Pages : 240 pages
Book Rating : 4.3/5 (91 download)
Download or read book Wage Rigidity and Unemployment written by Wilfred Beckerman and published by Bloomsbury Academic. This book was released on 1986 with total page 240 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 : Mirko Abbritti
Publisher : International Monetary Fund
ISBN 13 : 1513583980
Total Pages : 49 pages
Book Rating : 4.5/5 (135 download)
Download or read book Endogenous Growth, Downward Wage Rigidities and Optimal Inflation written by Mirko Abbritti and published by International Monetary Fund. This book was released on 2021-08-06 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions, endogenous productivity and downward wage rigidity (DWR) which challenges these results. The model features a non-vertical long-run Phillips curve between inflation and unemployment and a trade-off between price distortions and output hysteresis that change the welfare-maximizing inflation level. For a plausible set of parameters, the optimal inflation target is in excess of two percent, a target value commonly used across central banks. Deviations from the optimal target carry welfare costs multiple times higher than in traditional NK models. The main reason is that endogenous growth and DWR generate asymmetric and hysteresis effects on unemployment and output. Price level targeting or a Taylor-rule responding to the unemployment rate can handle better the asymmetric and hysteresis effects in our model and deliver significant welfare gains. Our results are robust to the inclusion of the effective lower bound on the monetary policy interest rate.
Author : Jan Babecky
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (16 download)
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.
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.
