How Rigid are Nominal Wages? Evidence and Implications for Germany*
构建了一个比例向下名义工资刚性模型，利用德国微观数据发现名义工资存在高度刚性，并指出当通胀率低于3%时，这种刚性对预期工资增长、总体工资水平和均衡失业有显著影响。
Abstract Many recent attempts to find evidence on downward nominal wage rigidity in micro data have suffered from problems such as composition bias and the effects of measurement error. In this paper, a model of proportional downward nominal wage rigidity is developed which avoids these problems by taking into account the determinants of wage changes and the measurement process that leads to observable earnings changes. We find a high degree of downward nominal wage rigidity in German micro data. Its real implications for individual expected wage growth, the aggregate wage level and equilibrium unemployment have marked effects for rates of inflation lower than 3 percent.