The Cost of Wage Rigidity
利用独特的劳动合同级数据与企业高频资产价格匹配，研究发现工资刚性越强，企业股价和就业对货币政策公告的反应越大，且这种放大效应在劳动密集型、低盈利和合同刚性强的企业中更显著。
Abstract Private efficiency of wage rigidity has taken centre stage in economics. Measuring its effects has proven elusive for lack of actual wage data. Using a unique confidential labour contract-level dataset matched with firm-level high-frequency asset prices, we find robust evidence that firms’ stock prices and employment fluctuate more in response to monetary policy announcements, the higher the degree of wage rigidity. Hand-collected information on the periods across renegotiations of collective bargaining agreements allow us to construct an accurate and predetermined measure of wage rigidity. We find that the amplification induced by wage rigidity is stronger for firms with high labour intensity, low profitability, and a large share of workers with more rigid contracts.