Was There a Golden Age of Flexible Wages? Evidence from Ohio Manufacturing, 1892–1910
研究1893年和1908年严重经济衰退期间俄亥俄州制造业工人的工资变化，发现只有少数工人被降薪，平均工资下降主要源于就业结构变化而非个人减薪。
Several macroeconomic studies have found evidence of diminishing cyclical wage flexibility in the United States since the turn of the century. But the importance of wage reductions during downturns must be questioned even for the era of allegedly flexible wages. This article shows that during the severe contractions of 1893 and 1908 only a small minority of Ohio manufacturing workers experienced cuts in their wage rates.The apparent downward flexibility of average earnings in these data was largely the consequence of changes in the occupational composition of the employed work force rather than pay cuts for individual workers.