Macro- and Microeconomic Consequences of Wage Rigidity
نویسندگان
چکیده
منابع مشابه
Wage Rigidity: Measurement, Causes and Consequences*
Wage rigidity – the observation that wages cannot be adjusted downwards – has important implications for labour markets and macroeconomic performance. Empirical evidence on the extent, causes and consequences of wage rigidity on the individual level is relatively scant, however. This Feature presents articles that apply a new methodology to estimate the incidence and extent of nominal and real ...
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We review recent evidence on price rigidity from themacroeconomics literature and discuss how this evidence is used to inform macroeconomic modeling. Sluggish price adjustment is a leading explanation for the large effects of demand shocks on output and, in particular, the effects of monetary policy on output. A recent influx of data on individual prices has greatly deepenedmacroeconomists’ und...
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The employment relationship is to a large extent characterized by incomplete contracts, in which workers have a considerable degree of discretion over the choice of their work effort. This discretion at work kicks in the potential importance of ‘‘gift exchange” or reciprocity between workers and employers in their employment relationship. Built on the seminal work of Akerlof (1980), this paper ...
متن کاملFairness, Reciprocity, and Wage Rigidity
Fairness, Reciprocity, and Wage Rigidity This paper contains a review of empirical work related to wage rigidity, where researchers have collected their own data. The work includes field studies, economic experiments, and psychological surveys. Economists have done the field studies and experiments, and management scientists and experimental psychologists have done the surveys. There is a remar...
متن کامل‘ Wage Rigidity and Unemployment in OECD Countries ’
Econometric investigations of individual countries’ experiences with inflation and unemployment in the 1970’s have shown that it is no longer sufficient to simply assume that wages are sticky in order to explain observed macroeconomic phenomena and make policy recommendations. A number of theoretical papers appearing in the last few years, motivated in part by the international econometric comp...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 1996
ISSN: 1556-5068
DOI: 10.2139/ssrn.2550310