Downward wage rigidity in Italy: Micro-based measures and implications

• 成果类型: Article
• 署名作者: Devicienti, Francesco; Maida, Agata; Sestito, Paolo
• 署名单位: University of Turin; Collegio Carlo Alberto
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2007.02095.x
• 发表日期: 2007
• 页码: F530-F552
• 关键词: panel-data

摘要

Using the 1985-99 WHIP data, we find a sizable amount of downward wage rigidity in Italy, with a prevalence of real over nominal rigidity. The results hold when real rigidity is identified either with reference to collective bargaining dispositions or to price inflation. Consistently with the labour market reforms of the early 1990s, downward rigidities have become less important over time, with the reduction in real rigidities more than offsetting the rise in nominal rigidities. We also find that downward wage rigidities are positively related to labour reallocation and local unemployment rates, hinting at the macroeconomic relevance of our estimates.