Sticky wages and the Great Depression: evidence from the United Kingdom
利用覆盖数百万工资的新微观数据，计算了两次世界大战之间英国名义工资的粘性程度，发现工资变动不频繁但降薪比加薪更常见，1931年超过三分之一的工人被降薪。
Abstract How sticky were wages during the Great Depression? Although classic accounts emphasise the importance of nominal rigidity in amplifying deflationary shocks, the evidence is limited. In this paper, I calculate the degree of nominal wage rigidity in the United Kingdom between the wars using new granular data covering millions of wages. I find that nominal wages changed infrequently but that wage cuts were more common than wage rises on average. Nominal wage adjustment fluctuated over time and by state, so that in 1931 amid falling output and prices more than one-third of workers received wage cuts.