nominal wage rigidity
Pay cuts and morale : a test of downward nominal wage rigidity
... This paper tests an in‡uential theory that has been used to explain down- ward nominal wage rigidity, namely the ‘morale’ theory. This proposes that employers are reluctant to cut pay because they ...
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Downward nominal wage rigidity in Poland
... downward nominal wage rigidity in ...downward nominal wage rigidity when average total compensation in the enterprise is taken into ...downward wage rigidity ...
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Optimal Monetary Policy and Downward Nominal Wage Rigidity in Frictional Labor Markets
... 1 Introduction This paper studies optimal monetary policy in the presence of Downward Nominal Wage Rigidity DNWR within a labor search and matching model.1 When nominal wages are downwar[r] ...
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Loss avoidance in nominal frames and fairness in downward nominal wage rigidity and disinflation
... fair wage readjustment, it can lead to coordination failures, generating downward nominal wage rigidity (DNWR) and disinflation costs even with common knowledge of credible ...
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Downward nominal wage rigidity, money illusion, and irreversibility
... downward nominal wage rigidity (henceforth DNWR) for the conduct of macroeconomic policy (see Akerlof et ...at wage-setters and negotiators are reluctant to cut the nominal wages of ...
170
Downward nominal wage rigidity and macroeconomic adjustment in a monetary union
... which wage setting is subject to ...of rigidity used in the literature, including: flexible wages, menu costs, a binding constraint on wage cuts, a Calvo setup and and asymmetric Calvo ...our ...
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Downward nominal and real wage rigidity: Survey evidence from European firms. National Bank of Belgium Working Paper No. 182, November 2009
... downward nominal and real rigidity and is in line with the predictions of standard labour market ...and nominal wage rigidity for this occupational group is consistent with Campbell’s ...
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Nominal and real wage flexibility in EMU
... of wage setting mechanisms in the euro area to a stress test in recent ...at wage flexibility in EMU attempting to draw a few lessons from the experience of the early ...regarding nominal and real ...
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WagePaperAugust2014.pdf
... year-to-year nominal wage changes of job ...of nominal wage cuts and a surfeit of nominal wage freezes would signify the presence of pervasive downward nominal wage ...
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Structural adjustment in the UK economy : the role of North Sea oil and tight money, and the implications for economic policy
... Summary of results for Bruno-Sachs type model where there is nominal wage rigidity for an oil price increase, an oil discovery, and a monetary contraction.. Summary of results for Bruno-[r] ...
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Micro level evidence on wage rigidities in Finland
... In order to analyse the real consequences of downward nominal wage rigidity and inflation Nickell and Quintini 2003 regress the share of negative real wage change on the inflation rate a[r] ...
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R & D Based Growth Model with Nominal Wage Stickiness
... Furthermore, consider the following two facts. First, the growth acceleration effect of money growth is attributed purely to nominal wage stickiness. A small value of γ diminishes the impact of money growth ...
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Asymmetric reference-dependent reciprocity, downward wage rigidity, and the employment contract
... evaluate wage contracts relative to a reference ‘fair’ ...a wage above the reference wage increases morale and triggers supra-normal effort; a wage below the reference wage reduces ...
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On wage formation, wage flexibility and wage coordination : A focus on the nominal wage impact of productivity in Germany, Greece, Ireland, Portugal, Spain and the United States
... implement wage coordination in practice according to the competitivity or Euro-Plus Pact, such as enforce it on the whole economy while wage bargaining takes mainly place in free market economies at ...
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Wage rigidities and business cycle fluctuations: a linked employer-employee analysis
... daily wage for 2006 (before the first part of the recession) and 2009 (during the first part of the re- ...inal wage rigidities, a dotted vertical line at the inflation rate to denote the possible threshold ...
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Labour Market Institutions, Real Wages and Macroeconomic Outcomes
... Labour institutions influence the outcome of macro policies. We postulate that, for India, nominal wages rise with average labour productivity and with the price of food, and discuss the macroeconomic ...
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Simulating the U.S. Recession with and without the Obama package: the role of excess capacity
... Chart 1 presents results from the extended RS-4 perturbation run in year-on-year growth terms. For 2008 and 2009 it shows the exogenously imposed growth rates from the right hand panel of Table 1. For example, it shows ...
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When Eastern Labour Markets Enter Western Europe CEECs Labour Market Institutions upon Euro Zone Accession
... clearing wage and resulting unemployment are higher than the natural ...their wage rate with firms based on what they expect inflation to be, to the extent that workers correctly anticipate the inflation ...
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Main features of the labour policy in Portugal
... Minimum Wage: Portugal is one of the 18 countries which have a national minimum ...minimum wage in 2004 was 2.5%, so that the increase in minimum wage lagged behind average collective agreed ...
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Nominal Rigidity and Some New Evidence on the New Keynesian Theory of the Output Inflation Tradeoff
... of nominal aggregate viability, they cannot be distinguished by testing the hypothesis whether such an inverse relation exists between it and the tradeoff (see Ball, Mankiw and Romer 1988; Akerlof, Rose and Yellen ...
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