A Model of Nominal Wage Stickiness

A Model of Nominal Wage Stickiness

This paper builds a parsimonious model of nominal wage stickiness based on wage dispersion induced by search frictions. The paper shows that this model can explain those salient features of wage adjustment in the data, including the average frequency of wage adjustment, the average duration of a wag...

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Veröffentlicht in:Applied economics 2021-02, Vol.53 (7), p.868-879
1. Verfasser: Xu, Lifang
Format: Artikel
Sprache:eng
Schlagworte:
Adjustment
Economic analysis
Economic policy
Economic theory
money neutrality
Search frictions
wage dispersion
wage stickiness
Wages & salaries
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Zusammenfassung:This paper builds a parsimonious model of nominal wage stickiness based on wage dispersion induced by search frictions. The paper shows that this model can explain those salient features of wage adjustment in the data, including the average frequency of wage adjustment, the average duration of a wage, and the size distribution of wage changes.
ISSN:0003-6846
1466-4283
DOI:10.1080/00036846.2020.1820441