Kuroda, Sachiko; Yamamoto, Isamu - In: Monetary and Economic Studies 25 (2007) 2, pp. 45-88
In this paper, we survey the theoretical and empirical literature to investigate why nominal wages can be downwardly rigid. Looking back from the 19th century until recently, we first examine the existence and extent of downward nominal wage rigidity (DNWR) for several countries. We find that...
