Wage Rigidity, Inflation, and Institutions
利用19个OECD国家1971-2006年的行业数据，研究发现名义工资增长存在下限，且该下限随通胀下降而降低；就业保护严格、工会密度高、工资集中制定和高通胀会加剧工资刚性。
Abstract We study the possible existence of downward nominal wage rigidity (DNWR) at wage growth rates different from zero in aggregate data. Even if DNWR prevails at zero for individual workers, compositional effects might lead to falling aggregate wages, while changes in relative wages combined with DNWR might lead to positive aggregate wage growth. We explore industry data for 19 OECD countries, over the 1971–2006 period. We find evidence for a floor on nominal wage growth at 6 percent in the 1970s and 1980s, at 1 percent in the 1990s, and at 0.5 percent in the 2000s. Furthermore, we find that DNWR is stronger in country‐years with strict employment protection legislation, high union density, centralized wage setting, and high inflation.