The Incidence of Nominal and Real Wage Rigidities in Great Britain: 1978–98
分析1980-1990年代英国工资设定中的刚性程度，发现实际工资刚性比名义刚性更普遍，且随时间下降；受工资保护更强的工人更可能失业，支持工资-失业菲利普斯曲线的微观基础。
This article analyses the extent of rigidities in wage setting in Great Britain over the 1980s and 1990s. Our estimation strategy follows the generalised Altonji and Devereux (2000) model discussed in the introduction to this Feature, but it includes modifications to include some special features of the British data. Our estimates reveal that real rigidities in wage setting are more prevalent than nominal rigidities in Great Britain, although the incidence of these real wage rigidities has fallen gradually over time. If firms cannot cut real wages in response to negative demand shocks they may resort to laying off workers. Our results support this micro-foundation of the wage-unemployment Phillips curve: workers who are more likely to be protected from wage cuts are also more likely to lose their jobs. Copyright 2007 The Author(s). Journal compilation Royal Economic Society 2007.