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We examine the extent of downward nominal wage rigidity using the microdata underlying the BLS's employment cost index. This dataset has two significant advantages over those used previously. It is an extensive, nationally representative dataset based on establishment records and is thus free...
Persistent link: https://www.econbiz.de/10005579529
We examine the extent of downward nominal wage rigidity using the microdata underlying the BLS employment cost index--an extensive, establishment-based dataset with detailed information on wage and benefit costs. We find stronger evidence of downward nominal wage rigidity than did previous...
Persistent link: https://www.econbiz.de/10005394148
Neither the issue of how local and aggregate labor markets interact over time-nor the issue of how heterogeneity by education, race, and other factors interacts with these spatial dynamics-has previously been explored in the literature on the cyclicality of real wages. This study investigates...
Persistent link: https://www.econbiz.de/10005740461
This paper uses an intertemporal, disequilibrium framework to analyze the rapid increase in personal savings that has taken place in China since 1979. A theoretical model of savings behavior under rationing is developed, and a specification of a "virtual" price index is derived. The virtual...
Persistent link: https://www.econbiz.de/10005521831
Persistent link: https://www.econbiz.de/10005427855
Persistent link: https://www.econbiz.de/10005384031
According to some accounts, compensation practices have recently been undergoing marked changes, with an increasing number of firms said to be substituting lump-sum payments for regular pay increases, allowing for greater variability of remuneration across individuals or groups, and making...
Persistent link: https://www.econbiz.de/10005393717
We construct a two-period model of an open economy and use the model to analyze the welfare implications of fixed and floating exchange regimes. Consumers have perfect foresight and save by holding domestic and foreign bonds, which are chosen according to relative interest rates, deflated by the...
Persistent link: https://www.econbiz.de/10005712733
This paper tests the hypothesis that firms adjust to the business cycle by altering employment through promotion and hiring and holding the salary structure and salaries assigned to jobs relatively constant. Two comprehensive firm-level panel datasets are used to examine salary setting and...
Persistent link: https://www.econbiz.de/10005514124
We discuss the ability of standard estimates of the correlation of wages and employment to measure the relative strength of aggregate demand and supply shocks, given that the choice of time period, deflator, and explanatory variables inherently biases the estimated cyclical coefficients toward...
Persistent link: https://www.econbiz.de/10005514138