How strong is the macroeconomic case for downward real wage rigidity?

• 成果类型: Article
• 署名作者: Holden, Steinar; Wulfsberg, Fredrik
• 署名单位: Norges Bank; University of Oslo
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2009.03.012
• 发表日期: 2009
• 页码: 605-615
• 关键词: Downward real wage rigidity; Employment protection legislation; oecd; Wage setting

摘要

We explore the existence of downward real wage rigidity (DRWR) at the industry level, based on data from 19 OECD countries for the period 1973-1999. The results show that DRWR compresses the distributions of industry wage changes overall, as well as for specific geographical regions and time periods, but there are not many real wage Cuts that are prevented. More important, however, DRWR attenuates larger real wage cuts, thus leading to higher real wages. There is stronger evidence for downward nominal wage rigidity than for DRWR. Real wage cuts are less prevalent in Countries with strict employment protection legislation and high union density. (C) 2009 Elsevier B.V. All rights reserved.