Downward nominal wage rigidity in Canada: Evidence from micro‐level data
نویسندگان
چکیده
منابع مشابه
Downward Nominal-Wage Rigidity: Micro Evidence from Tobit Models
This paper uses Tobit models and data for union contracts to examine the extent of downward nominal-wage rigidity in Canada. To be consistent with important stylized facts, the models allow the variance of the notional wage-change distribution to be time-varying and test for menu-cost effects. The empirical results confirm the importance of using a general specification with a timechanging vari...
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We study the implications for optimal monetary policy when declining nominal wages is not a viable margin for adjustment to adverse economic conditions. To this end, we develop a New Keynesian model where downward nominal wage rigidity arises endogenously. We show that the optimal policy response to changing economic conditions is asymmetric. Another important finding is that downward nominal r...
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متن کاملThe Impact of Downward Nominal Wage Rigidity on the Unemployment Rate: Quantitative Evidence from Japan
We would like to thank Professors George A. Akerlof (University of California, Berkeley), Souichi Ohta (Nagoya University), Terukazu Suruga (Osaka Prefecture University), Janet L. Yellen (University of California, Berkeley), and Kazuhiro Yuuki (Kyoto University), and participants of the seminars at the Kansai Institute for Social and Economic Research, Keio University, the CIRJE/TCER Macro Conf...
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ژورنال
عنوان ژورنال: Canadian Journal of Economics/Revue canadienne d'économique
سال: 2018
ISSN: 0008-4085,1540-5982
DOI: 10.1111/caje.12347