Nominal wage rigidity and the rate of inflation
Using the accurate and extensive data available in the UK New Earnings Survey, this paper investigates the extent to which nominal wages are downwardly rigid and whether such rigidity interferes with necessary real wage adjustments when inflation is low. Despite the substantial numbers of individual...
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| Veröffentlicht in: | The Economic journal (London) 2003-10, Vol.113 (490), p.762-781 |
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| container_title | The Economic journal (London) |
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| creator | Nickell, Stephen Quintini, Glenda |
| description | Using the accurate and extensive data available in the UK New Earnings Survey, this paper investigates the extent to which nominal wages are downwardly rigid and whether such rigidity interferes with necessary real wage adjustments when inflation is low. Despite the substantial numbers of individuals whose nominal wages fall from one year to the next, we find that there is evidence of some rigidity at zero nominal wage change. While the effect is statistically significant, the macroeconomic impact of the distortion is very modest. |
| doi_str_mv | 10.1111/1468-0297.t01-1-00161 |
| format | Article |
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| ispartof | The Economic journal (London), 2003-10, Vol.113 (490), p.762-781 |
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| language | eng |
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| source | Wiley Online Library Journals Frontfile Complete; Oxford Journals - Connect here FIRST to enable access; Business Source Complete; JSTOR |
| subjects | Economic analysis Economic models Economic statistics Economic theory Economics Employment statistics Incentive pay Income Inflation Inflation rates Labor markets Macroeconomics Nominal rigidities Nominal wages Overtime Real wages Studies Unemployment United Kingdom Wage rates Wage rigidity Wages Wages & salaries |
| title | Nominal wage rigidity and the rate of inflation |
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