Wage rigidity and job creation

• 成果类型: Article
• 署名作者: Haefke, Christian; Sonntag, Marcus; van Rens, Thijs
• 署名单位: New York University; New York University Abu Dhabi; University of Warwick
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2013.09.003
• 发表日期: 2013
• 页码: 887-899
• 关键词: Wage rigidity; Search and matching model; business cycle

摘要

Recent research in macroeconomics emphasizes the role of wage rigidity in accounting for the volatility of unemployment fluctuations. We use worker-level data from the CPS to measure the sensitivity of wages of newly hired workers to changes in aggregate labor market conditions. The wage of new hires, unlike the aggregate wage, is volatile and responds almost one-to-one to changes in labor productivity. We conclude that there is little evidence for wage rigidity in the data. (C) 2013 Elsevier B.V. All rights reserved.