Nominal Wage Rigidity in the United Kingdom
利用微观数据研究英国名义工资向下刚性，发现约9%的留任员工工资零增长，但其中九成可由对称原因或误差解释，仅1%的工人工资可能具有向下刚性，表明不对称刚性不足以产生严重宏观经济后果。
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 from 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.