Lohnstarrheit / Wage Rigidity
In Krisenzeiten greifen Arbeitgeberinnen und Arbeitgeber eher auf Entlassungen als auf das Mittel der Nominallohnsenkung zurück. Dies kann am Einfluss der Gewerkschaften, an unflexiblen Lohnsystemen der Firmen oder auch an Fairnessnormen liegen. Welche Auswirkungen haben nach unten starre Löhne auf dem Arbeitsmarkt? Führen sie in Verbindung mit einer niedrigen Inflationsrate zu höherer Arbeitslosigkeit? Diese IAB-Infoplattform präsentiert wissenschaftliche Literatur zum Thema Abwärtslohnrigidität.
In times of crisis, employers tend to resort to dismissals instead of the medium of reduction in nominal wages. This may be due to the influence of the trade unions, the inflexibility of company wage systems, or possibly also norms of fairness. What effect do downwardly rigid wages have on the labour market? Do they lead - in conjunction with a lower inflation rate - to higher unemployment? This IAB info platform presents scientific literature on the topic of downward wage rigidity.
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Literaturhinweis
Outward foreign direct investment, wage rigidity and unemployment: a computable general equilibrium analysis (2011)
Chen, Kun-Ming;Zitatform
Chen, Kun-Ming (2011): Outward foreign direct investment, wage rigidity and unemployment. A computable general equilibrium analysis. In: The journal of international trade and economic development, Jg. 20, H. 4, S. 569-583. DOI:10.1080/09638190903137206
Abstract
"Taiwan has started to liberalize its exchange rate and foreign investment policies since the mid 1980s. The subsequent considerable appreciation of its currency and increasing labor cost has stimulated many Taiwanese firms to actively undertake outward foreign direct investment (FDI). The possibility of the industrial hollowing-out induced by the FDI has been a great concern in Taiwan. The purpose of this paper is to establish a computable general equilibrium (CGE) model to investigate the impact of outward FDI by Taiwanese firms on its domestic economy. The efficiency wage theory is incorporated into the analytical framework. This paper first employs regression analysis to show that there exists severe wage rigidity in the labor market of Taiwan. Its simulation analysis then indicates that the outward FDI from Taiwan might reduce its income and employment to some extent. These results reveal that the outward FDI might hurt a distortion-ridden economy, which is consistent with the theoretical findings of Brecher and Choudhri (1987) and Basu (1998). However, it seems that the outward FDI could account for only a very small part of the recent increase in Taiwan's unemployment level." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Fiscal stimulus and the role of wage rigidity (2011)
Zitatform
Furlanetto, Francesco (2011): Fiscal stimulus and the role of wage rigidity. In: Journal of Economic Dynamics and Control, Jg. 35, H. 4, S. 512-527. DOI:10.1016/j.jedc.2010.11.004
Abstract
"In this paper we study the impact of an expansion in public spending in an economy characterized by limited asset market participation and sticky wages. The flexible wage version of the model implies strong expansionary effects on output and consumption but also a counterfactual increase in real wages. The introduction of sticky wages, besides being a realistic addition, solves this problem and preserves the expansionary effects on output and consumption. Moreover, once we introduce segmentation in the labor market, sticky wages are even essential to obtain expansionary effects." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Downward wage rigidity in Hungary (2011)
Katay, Gabor;Zitatform
Katay, Gabor (2011): Downward wage rigidity in Hungary. (European Central Bank. Working paper series 1372), Frankfurt, M., 28 S.
Abstract
"Following the approach recently developed for the International Wage Flexibility Project (IWFP), the paper presents new estimates of downward real and nominal wage rigidity for Hungary. Results suggest that nominal rigidity is more prominent in Hungary than real rigidity. When compared to other countries participating in the IWFP, Hungary ranks among the countries with the lowest degree of downward real rigidity. The estimated downward nominal rigidity for Hungary is higher, the measure is close to but still below the overall cross-country average. Using the same methodology, the paper also confirms the widespread view that the wage growth bargained at the national level has little compulsory power in Hungary. On the other hand, the minimum wage remains an important source of potential downward wage rigidity in Hungary." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Wage persistence and labour market institutions: an analysis of young European workers (2011)
Zitatform
Menezes, Antonio, Dario Sciulli & Jose A. Cabral Vieira (2011): Wage persistence and labour market institutions. An analysis of young European workers. In: Applied Economics Letters, Jg. 18, H. 9, S. 823-828. DOI:10.1080/13504851.2010.505554
Abstract
"This paper investigates the effects of labour market institutions on wage persistence among young European workers at the beginning of their careers. We use ECHP data from 1995 to 2001 for 13 EU countries and estimate a three-level random intercept probit model that allows for unobserved heterogeneity both at the individual and country level. Overall, we find that labour market institutions explain wage persistence. In particular, we find that a high level of employment protection legislation and a high level of bargaining centralization increase wage persistence." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Lohnungleichheit, Erwerbsbeteiligung und Beschäftigung: Marktkräfte und institutionelle Einflüsse (2011)
Möller, Joachim; König, Marion;Zitatform
Möller, Joachim & Marion König (2011): Lohnungleichheit, Erwerbsbeteiligung und Beschäftigung. Marktkräfte und institutionelle Einflüsse. In: Zeitschrift für ArbeitsmarktForschung, Jg. 44, H. 1/2, S. 53-64., 2011-02-04. DOI:10.1007/s12651-011-0067-5
Abstract
"Im Zentrum dieses Beitrags stehen insbesondere Forschungsfragen, die einen möglichen Zusammenhang zwischen Lohnungleichheit, Erwerbsbeteiligung und Beschäftigung in den Mittelpunkt stellen und im Projekt 'Flexibilität der Lohnstruktur, Ungleichheit und Beschäftigung' näher untersucht wurden. Es wird darauf eingegangen, inwieweit die gängige Vorstellung eines beispielsweise durch institutionelle Regelungen, Mindestlöhne, hohe Reservationslöhne, Gewerkschaftsmacht oder Insiderverhalten verkrusteten deutschen Arbeitsmarktes den realen Gegebenheiten entspricht.
Zu Beginn wird die Hypothese kritisch hinterfragt, dass eine Kompression der Lohnverteilung in Deutschland zu Beschäftigungsverlusten führt. Theoretisch kann gezeigt werden, dass eine Zunahme der Ungleichheit im unteren Bereich der Lohnverteilung als unerwünschter Nebeneffekt eine geringere Erwerbsbeteiligung zur Folge hat. Die empirischen Untersuchungen stützen einen solchen Effekt. Ein hohes regionales Lohnniveau sowie niedrige Arbeitslosigkeit gehen mit hoher Partizipation einher. Eine Zunahme der Lohnspreizung im unteren Bereich der Lohnverteilung ist mit einer sinkenden, im oberen Bereich hingegen mit einer steigenden Erwerbsbeteiligung verbunden. Weiterhin zeigt sich, dass Interdependenzen zwischen den Regionen von Bedeutung sind.
Im Anschluss werden dann stilisierte Fakten über die Entwicklung der Lohnungleichheit herausgearbeitet. Auf Basis harmonisierter Mikrodaten werden die USA und Deutschland verglichen, also jeweils ein Land mit einer unterstellten hohen bzw. geringen (Lohn-) Flexibilität. Dabei untersuchen wir die Hypothese, dass institutionell bedingten Starrheiten mit einer Deformation bzw. Stauchung der Lohnverteilung im Niedriglohnbereich einhergehen. Eine derartig charakteristische Lohnkompression müsste sich in Ländern wie Deutschland insbesondere bei vergleichsweise gering verdienenden Arbeitnehmergruppen zeigen. Der Vergleich mit dem US-amerikanischen Arbeitsmarkt legt allerdings nahe, dass es sich bei der Vorstellung einer für die Beschäftigung schädlichen Deformation der deutschen Lohnstruktur um ein Zerrbild handelt. Ein weiterer Themenschwerpunkt ist der Frage gewidmet, welche Auswirkungen sich ergeben, wenn einer sich ausweitenden Ungleichheit im unteren Bereich der Lohnverteilung durch die Einführung einer Lohnuntergrenze Einhalt geboten wird. Im Fokus stehen dabei die Auswirkungen des 1997 im deutschen Baugewerbe auf Grundlage des Arbeitnehmerentsendegesetz eingeführten Mindestlohns auf Lohnungleichheit und Beschäftigung. Es ergeben sich sowohl in Ost- als auch in Westdeutschland positive Lohneffekte der Mindestlohnregelung. Allerdings ist die Lohnwirkung der Mindestlohneinführung in Ostdeutschland deutlich stärker. Bezüglich der Beschäftigungswirkung ergeben sich negative Effekte für die neuen Bundesländer und positive - statistisch allerdings nicht bzw. nur schwach signifikante - Effekte für Westdeutschland. Es zeigt sich, dass auch ein bindender Mindestlohn nicht zwangsläufig negative Beschäftigungseffekte nach sich ziehen muss. Abschließend wird auf einen besonderen Aspekt der Lohnungleichheit eingegangen, der Ungleichheit in den Verdiensten zwischen den Geschlechtern. Im Fokus steht dabei der Einfluss des regionalen Umfeldes. Nachdem unterschiedliche Charakteristika, Ausbildungs- und Arbeitsplatzeffekte zwischen Männern und Frauen berücksichtigt wurden, zeigt sich, dass der geschlechtsspezifische Lohnunterschied in ländlichen Gebieten deutlich ausgeprägter als in Großstädten ist. Die Lohndifferenz zwischen jungen Frauen und Männern hat sich in den letzten drei Jahrzehnten in beiden Gebietstypen deutlich verringert. Sie liegt in ländlichen Gebieten, also in einem Umfeld mit geringer Firmendichte, im gesamten untersuchten Zeitraum nahezu konstant um zehn Prozentpunkte höher als in einem großstädtischen Umfeld. Dieser Befund ist in Übereinstimmung mit einem theoretischen Modell, das Marktmacht der Firmen aufgrund von räumlichen Aspekten mit in die Betrachtung einbezieht." (Autorenreferat, IAB-Doku)Beteiligte aus dem IAB
Möller, Joachim; -
Literaturhinweis
The efficiency wages perspective to wage rigidity in the open economy: a survey (2011)
Stavrevska, Vesna;Zitatform
Stavrevska, Vesna (2011): The efficiency wages perspective to wage rigidity in the open economy. A survey. In: International Journal of Manpower, Jg. 32, H. 3, S. 273-299. DOI:10.1108/01437721111136769
Abstract
"The purpose of the paper was to establish the implications of globalisation for labour markets when efficiency wages create endogenous wage rigidity and to re-examine the credibility of the arguments that call for deregulation, more wage flexibility and less social protection in this context.
Design/methodology/approach - The role of efficiency wages is reviewed in the traditional international economics theory, new economic geography and the neo-Schumpeterian perspective towards international competitiveness.
Findings - First, taking into account endogenous sources of wage rigidity has different implications for employment, inequality, regional growth convergence and the role of the welfare state in the context of international competitiveness, from those derived when assuming them away or taking them as imposed by labour market institutions. Second, policies that would substantially reduce social security or lead to cost-cuts may have an adverse effect on effort and thus on productivity.
Originality/value - To the author's knowledge, this paper is the only review in the literature that concentrates on efficiency wages applied in international trade." (Author's abstract, IAB-Doku) ((en)) -
Literaturhinweis
Geldpolitik und Beschäftigung: Ist niedrige Inflation Gift für den Arbeitsmarkt? (2011)
Zitatform
Stüber, Heiko & Thomas Beißinger (2011): Geldpolitik und Beschäftigung: Ist niedrige Inflation Gift für den Arbeitsmarkt? (IAB-Kurzbericht 02/2011), Nürnberg, 8 S.
Abstract
"Seit beinahe zwei Jahrzehnten gelingt es den Zentralbanken der westlichen Industrieländer, die Inflationsraten auf niedrigen Niveaus zu stabilisieren. Obwohl Preisstabilität als ein zentrales wirtschaftspolitisches Ziel gilt, werden darin auch Gefahren gesehen: Einige Wissenschaftler warnen davor, dass nach unten starre Nominallöhne in Verbindung mit einer niedrigen Inflation zu höherer Arbeitslosigkeit führen könnten. Neueste Forschungsergebnisse für Deutschland zeigen allerdings, dass von der sogenannten Abwärts-Nominallohn-Starrheit kein nennenswerter negativer Einfluss auf die Arbeitslosenquote zu erwarten ist." (Autorenreferat, IAB-Doku)
Weiterführende Informationen
- Verteilung der Lohnänderungen mit und ohne Abwärts-Nominallohn-Starrheit nach bisherigen Studien
- Abwärts-Nominallohn-Starrheit in ausgewählten EU-Mitgliedsländern
- Verteilung der Lohnänderungen mit Abwärts-Nominallohn-Starrheit (ANLS) nach neuesten Schätzungen
- Empirische Verteilung der Lohnänderungen in Deutschland von 2006 auf 2007
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Literaturhinweis
Interacting nominal and real labour market rigidities (2011)
Zitatform
Vogel, Lukas (2011): Interacting nominal and real labour market rigidities. In: Economics Letters, Jg. 111, H. 3, S. 264-267. DOI:10.1016/j.econlet.2011.02.004
Abstract
"The note analyses interactions between nominal wage stickiness and costly employment adjustment under rule-based and optimal monetary policy. Policy regimes affect and optimal policy lowers the welfare cost of rigidities. No quantitatively important second-best interaction between both rigidities is found." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Labor market institutions and the business cycle: Unemployment rigidities vs. real wage rigidities (2010)
Zitatform
Abbritti, Mirko & Sebastian Weber (2010): Labor market institutions and the business cycle: Unemployment rigidities vs. real wage rigidities. (European Central Bank. Working paper series 1183), Frankfurt am Main, 46 S.
Abstract
"This paper investigates the importance of labor market institutions for inflation and unemployment dynamics. Using the New Keynesian framework we argue that labor market institutions should be divided into those institutions that cause Unemployment Rigidities (UR) and those that cause Real Wage Rigidities (RWR). The two types of institutions have opposite effects and their interaction is crucial for the dynamics of inflation and unemployment. We estimate a panel VAR with deterministically varying coefficients and find that there is a profound difference in the responses of unemployment and inflation to shocks under different constellations of the labor market." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Wage rigidity, collective bargaining and the minimum wage: evidence from French agreement data (2010)
Zitatform
Avouyi-Dovi, Sanvi, Denis Fougère & Erwan Gautier (2010): Wage rigidity, collective bargaining and the minimum wage. Evidence from French agreement data. (CEPR discussion paper 7932), London, 48 S.
Abstract
"Using several unique data sets on wage agreements at both the firm- and the industry-levels in France, we examine the impact of typical European wage-setting institutions on the form and the degree of wage rigidity. We highlight different stylized facts concerning wage stickiness. First, in France, the typical duration of a wage agreement is one year. Consequently, a Taylor (1980) -type model appears to reproduce appropriately the distribution of agreement durations. Some 30 percent of settlements stipulate several predetermined wage changes during the year following the date of signature of the agreement. The frequency of wage agreements is highly seasonal, but the dates at which agreements take effect are more staggered. The date at which the national minimum wage level is revised each year has a significant impact on the timetable of wage agreements, both at the firm- and at the industry-levels. Wage increases negotiated at these two levels mainly depend on the inflation regime, the firm profitability and the proportion of minimum-wage workers in the same industry." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Downward nominal and real wage rigidity: survey evidence from European firms (2010)
Zitatform
Babecký, Jan, Philip Du Caju, Theodora Kosma, Martina Lawless, Julian Messina & Tairi Room (2010): Downward nominal and real wage rigidity. Survey evidence from European firms. In: The Scandinavian journal of economics, Jg. 112, H. 4, S. 884-910. DOI:10.1111/j.1467-9442.2010.01624.x
Abstract
"We present new evidence from a unique survey of firms across Europe on downward wage rigidity in both real and nominal terms. Our results indicate that wage rigidities are related to workforce composition in a manner that is consistent with related theoretical models. We also find that wage rigidity depends on the labour market institutional environment. Collective bargaining coverage is positively related with downward real wage rigidity, measured on the basis of wage indexation. Downward nominal wage rigidity is positively associated with the extent of permanent contracts and this effect is stronger in countries with stricter employment protection regulations." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Some evidence on the importance of sticky wages (2010)
Zitatform
Barattieri, Alessandro, Susanto Basu & Peter Gottschalk (2010): Some evidence on the importance of sticky wages. (NBER working paper 16130), Cambridge, Mass., 41 S. DOI:10.3386/w16130
Abstract
"Nominal wage stickiness is an important component of recent medium-scale structural macroeconomic models, but to date there has been little microeconomic evidence supporting the assumption of sluggish nominal wage adjustment. We present evidence on the frequency of nominal wage adjustment using data from the Survey of Income and Program Participation (SIPP) for the period 1996-1999. The SIPP provides high-frequency information on wages, employment and demographic characteristics for a large and representative sample of the US population.
The main results of the analysis are as follows. 1) After correcting for measurement error, wages appear to be very sticky. In the average quarter, the probability that an individual will experience a nominal wage change is between 5 and 18 percent, depending on the samples and assumptions used. 2) The frequency of wage adjustment does not display significant seasonal patterns. 3) There is little heterogeneity in the frequency of wage adjustment across industries and occupations. 4) The hazard of a nominal wage change first increases and then decreases, with a peak at 12 months. 5) The probability of a wage change is positively correlated with the unemployment rate and with the consumer price inflation rate." (Author's abstract, IAB-Doku) ((en)) -
Literaturhinweis
Downward wage rigidity in Europe: a new flexible parametric approach and empirical results (2010)
Zitatform
Behr, Andreas & Ulrich Pötter (2010): Downward wage rigidity in Europe. A new flexible parametric approach and empirical results. In: German economic review, Jg. 11, H. 2, S. 169-187. DOI:10.1111/j.1468-0475.2009.00470.x
Abstract
"We suggest a new parametric approach to estimate the extent of downward nominal wage rigidity in ten European countries between 1995 and 2001. The database used throughout is the User Data Base of the European Community Household Panel (ECHP). The proposed approach is based on the generalized hyperbolic distribution, which allows to model wage change distributions characterized by thick tales, skewness and leptokurtosis. Significant downward nominal wage rigidity is found in all countries under analysis, but the extent varies considerably across countries. Yearly estimates reveal increasing rigidity in Italy, Greece and Portugal, while rigidity is declining in Denmark and Belgium. The results imply that the costs of price stability differ substantially across Europe." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Ursachen, Ausmaß und Implikationen von Abwärtsnominallohnstarrheit (2010)
Zitatform
Beissinger, Thomas & Heiko Stüber (2010): Ursachen, Ausmaß und Implikationen von Abwärtsnominallohnstarrheit. In: U. Blien, W. Flieger & R. Schmitt (Hrsg.) (2010): Ökonomie, Technologie und Region : Voraussetzungen, Formen und Folgen des Strukturwandels. Festschrift für Prof. Dr. Hans-Dieter Feser, S. 259-299.
Abstract
"Die Autoren beschäftigen sich in ihrem Beitrag mit dem Phänomen der Abwärtsnominallohnstarrheit, welches bisher vom Strukturwandel weitgehend unberührt geblieben ist. Aufgrund dessen findet sich hierin eine Konstante, die bei Diskussionen um die Folgen des Strukturwandels zu berücksichtigen ist, denn Abwärtsnominallohnstarrheit verursacht eine erhöhte Arbeitslosigkeit in niedergehenden Branchen. Der Beitrag gibt einen umfassenden Überblick über die Debatte um Abwärtsnominallohnstarrheit und Inflation. Es wird zunächst erläutert, wie aus theoretischer Sicht eine zu niedrige Inflation in Verbindung mit nach unten starren Nominallöhnen die gleichgewichtige Arbeitslosigkeit erhöhen kann. Es wird auf mögliche Begründungen, die Existenz und das Ausmaß, sowie die makroökonomischen Konsequenzen und wirtschaftspolitischen Implikationen eingegangen." (Textauszug, IAB-Doku)
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Literaturhinweis
Foreign competition, multinational firms, and one-sided wage rigidity (2010)
Zitatform
Braun, Sebastian (2010): Foreign competition, multinational firms, and one-sided wage rigidity. In: Global economy journal, Jg. 10, H. 2, S. 1-28. DOI:10.2202/1524-5861.1583
Abstract
"The paper studies the effects of a one-sided minimum wage in a two-country model of intra-industry trade, in which multinational firms arise endogenously. With positive levels of intra-industry trade the adverse employment and welfare effects of an asymmetric minimum wage are significantly larger than in a non-trading economy. Multinational firms generally mitigate the effect somewhat. Even though factor prices are not equalized across countries, a (binding) wage floor in one country will prop up wages in the other. The flexible-wage country is insulated from shocks caused by factor accumulation in the rigid-wage country, while an increase in the labor supply of the latter economy may have profound impacts on labor market outcomes in both countries." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
The role of real wage rigidity and labor market frictions for inflation persistence (2010)
Christoffel, Kai; Linzert, Tobias;Zitatform
Christoffel, Kai & Tobias Linzert (2010): The role of real wage rigidity and labor market frictions for inflation persistence. In: Journal of Money, Credit and Banking, Jg. 42, H. 7, S. 1435-1446. DOI:10.1111/j.1538-4616.2010.00348.x
Abstract
"We analyze the transmission mechanism of wages to inflation within a New Keynesian business cycle model with wage rigidities and labor market frictions. Our main focus is on the channel of real wage rigidities on inflation persistence for which we find the specification of the wage bargaining process to be of crucial importance. Under the standard efficient Nash bargaining, the feedback of wage rigidities on inflation is ambiguous and depends on other labor market variables. However, under the alternative right-to-manage bargaining we find that more rigid wages translate directly into more persistent movements of aggregate inflation." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Employment fluctuations with downward wage rigidity: the role of moral hazard (2010)
Zitatform
Costain, James & Marcel Jansen (2010): Employment fluctuations with downward wage rigidity. The role of moral hazard. In: The Scandinavian journal of economics, Jg. 112, H. 4, S. 782-811. DOI:10.1111/j.1467-9442.2010.01625.x
Abstract
"We study the cyclical dynamics of job creation and destruction when workers' effort is not perfectly observable. The no-shirking constraint may amplify fluctuations in hiring by making firms' surplus share procyclical, and may cause a burst of inefficient firing when a downturn begins. But quantitatively, it mainly raises the cost of motivating marginal workers in booms, since firms cannot commit to keep them in recessions, and thereby strongly damps the countercyclical fluctuations in the separation rate. This implies a robust Beveridge curve, but casts doubt on Ramey and Watson's (1997)'contractual fragility' mechanism and worsens Shimer's (2005a)'volatility puzzle'." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Wage rigidities and labor market adjustment in Europe (2010)
Zitatform
Fabiani, Silvia, Claudia Kwapil, Tairi Room, Kamil Galuscak & Ana Lamo (2010): Wage rigidities and labor market adjustment in Europe. In: Journal of the European Economic Association, Jg. 8, H. 2-3, S. 497-505. DOI:10.1162/jeea.2010.8.2-3.497
Abstract
"Based on an ad hoc firm-level survey on wage and pricing policies conducted in a large number of European countries, this study finds that about 60% of firms change base wages once a year with some clustering of wage changes observed in January. Differences in the frequency of wage changes between firms are mainly attributable to the institutional framework of the labor market in which they operate. There is evidence of both nominal and real downward wage rigidity. Moreover, when facing a negative shock, European firms prefer to reduce the amount of labor rather than cutting wages. Among those that decide to cut wages a majority prefers to cut flexible wage components rather than base wages. The rigidity of base wages is largely explained by fairness and efficiency considerations." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Downward wage rigidities and optimal monetary policy in a monetary union (2010)
Zitatform
Fahr, Stephan & Frank Smets (2010): Downward wage rigidities and optimal monetary policy in a monetary union. In: The Scandinavian journal of economics, Jg. 112, H. 4, S. 812-840. DOI:10.1111/j.1467-9442.2010.01627.x
Abstract
"This paper analyses the implications of heterogeneity in the type of downward wage rigidity (nominal or real) for optimal monetary policy in a monetary union with asymmetric wage adjustment costs. Indexation in one region of the union reduces optimal grease inflation in the presence of common productivity shocks. Large common shocks may have sizeable and persistent effects on the intra-union terms of trade, whereby the region characterized by downward real wage rigidity adjusts with a persistent loss of competitiveness. In response to asymmetric productivity shocks, there is no role for grease inflation because relative price changes facilitating the real wage changes dominate the adjustment mechanism." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
The high sensitivity of employment to agency costs: the relevance of wage rigidity (2010)
Hristov, Atanas;Zitatform
Hristov, Atanas (2010): The high sensitivity of employment to agency costs. The relevance of wage rigidity. (Sonderforschungsbereich Ökonomisches Risiko. Discussion paper 2010-044), Berlin, 39 S. DOI:10.18452/4272
Abstract
"This paper studies the interaction of financing constraints and labor market imperfections on the labor market and economic activity. My analysis builds on the agency cost framework of Carlstrom and Fuerst [1998. Agency costs and business cycles. Economic Theory, 12(3):583-597]. The aim of this article is to show that financing constraints can substantially amplify and propagate total factor productivity shocks in cyclical labor market dynamics. I find that under the Nash bargaining solution financing constraints increase substantially the volatility of wages, and in turn, amplification for the labor variables falls short of the observed volatilities in the data. Atop of this, the comovement between output and labor share is counterfactual. However, there is substantial scope for any type of wage rigidity and financing constraints to reinforce each other, and to generate the observed volatilities in the labor market, moreover, to produce a wide range of comovements between output and labor share." (Author's abstract, IAB-Doku) ((en))