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Wage rigidity and job creation
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Haefke, Christian, Sonntag, Marcus and Van Rens, Thijs (2013) Wage rigidity and job creation. Journal of Monetary Economics, Volume 60 (Number 8). pp. 887-899. doi:10.1016/j.jmoneco.2013.09.003
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Official URL: http://dx.doi.org/10.1016/j.jmoneco.2013.09.003
Abstract
Recent research in macroeconomics emphasizes the role of wage rigidity in accounting for the volatility of unemployment fluctuations. We use worker-level data from the CPS to measure the sensitivity of wages of newly hired workers to changes in aggregate labor market conditions. The wage of new hires, unlike the aggregate wage, is volatile and responds almost one-to-one to changes in labor productivity. We conclude that there is little evidence for wage rigidity in the data.
| Item Type: | Journal Article | ||||||||||
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| Subjects: | H Social Sciences > HB Economic Theory | ||||||||||
| Divisions: | Faculty of Social Sciences > Economics | ||||||||||
| Library of Congress Subject Headings (LCSH): | Business cycles, Wage surveys | ||||||||||
| Journal or Publication Title: | Journal of Monetary Economics | ||||||||||
| Publisher: | Elsevier BV | ||||||||||
| ISSN: | 0304-3932 | ||||||||||
| Official Date: | November 2013 | ||||||||||
| Dates: |
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| Volume: | Volume 60 | ||||||||||
| Number: | Number 8 | ||||||||||
| Page Range: | pp. 887-899 | ||||||||||
| DOI: | 10.1016/j.jmoneco.2013.09.003 | ||||||||||
| Status: | Peer Reviewed | ||||||||||
| Publication Status: | Published | ||||||||||
| Access rights to Published version: | Restricted or Subscription Access |
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