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Nominal wage rigidity in the United Kingdom
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UNSPECIFIED (2000) Nominal wage rigidity in the United Kingdom. ECONOMIC JOURNAL, 110 (462). C176-C195.
Research output not available from this repository, contact author.Abstract
This paper studies the degree of downward rigidity in nominal wages in the United Kingdom using micro-data. Around 9% of employees who remain in the same job rr om one year to the next have zero pay growth. But on investigating the causes of rigidity we find that up to nine tenths can be attributed to 'symmetric' causes (such as contracts and menu costs) or to error. Thus only 1% of workers have pay that may be downwardly rigid. This suggests asymmetric, downward rigidity is not large enough to have serious macroeconomic consequences. The labour market provides almost no evidence to support a positive: inflation target.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HC Economic History and Conditions | ||||
| Journal or Publication Title: | ECONOMIC JOURNAL | ||||
| Publisher: | BLACKWELL PUBL LTD | ||||
| ISSN: | 0013-0133 | ||||
| Official Date: | March 2000 | ||||
| Dates: |
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| Volume: | 110 | ||||
| Number: | 462 | ||||
| Number of Pages: | 20 | ||||
| Page Range: | C176-C195 | ||||
| Publication Status: | Published |
Data sourced from Thomson Reuters' Web of Knowledge
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