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
Sticky Wages on the Layoff Margin (2023)
Zitatform
Davis, Steven J. & Pawel M. Krolikowski (2023): Sticky Wages on the Layoff Margin. (IZA discussion paper / Forschungsinstitut zur Zukunft der Arbeit 16351), Bonn, 57 S.
Abstract
"We design and field an innovative survey of unemployment insurance (UI) recipients that yields new insights about wage stickiness on the layoff margin. Most UI recipients express a willingness to accept wage cuts of 5-10 percent to save their jobs, and one third would accept a 25 percent cut. Yet worker-employer discussions about cuts in pay, benefits or hours in lieu of layoffs are exceedingly rare. When asked why employers don't propose job-saving pay cuts, four-in-ten UI recipients don't know. Sixteen percent say cuts would undermine morale or lead the best workers to quit, and 39 percent don't think wage cuts would save their jobs. For lost union jobs, 45 percent say contractual restrictions prevent wage cuts. Among those on permanent layoff who reject our hypothetical pay cuts, half say they have better outside options, and 38 percent regard the proposed pay cut as insulting. An estimated one-quarter of the layoffs violate the condition for bilaterally efficient separations that holds in leading theories of job separations, frictional unemployment, and job ladders. We draw on our findings and other evidence to assess theories of wage stickiness and its role in layoffs." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Wage Adjustment in Efficient Long-Term Employment Relationships (2023)
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Elsby, Michael, Axel Gottfries, Pawel Krolikowski & Gary Solon (2023): Wage Adjustment in Efficient Long-Term Employment Relationships. (Working paper / Federal Reserve Bank of Cleveland 23-23), Cleveland, OH, 45 S. DOI:10.26509/frbc-wp-202323
Abstract
"We present a model in which efficient long-term employment relationships are sustained by wage adjustments prompted by shocks to idiosyncratic productivity and the arrival of outside job offers. In accordance with casual and formal evidence, these wage adjustments occur only sporadically, due to the presence of renegotiation costs. The model is amenable to analytical solution and yields new insights into a number of labor market phenomena, including: (1) key features of the empirical distributions of changes in pay among job stayers; (2) a property of near-“memorylessness” in wage dynamics that implies that initial hiring wages have only limited influence on later wages and allocation decisions; and (3) a crucial role for nonbase pay—specifically, recruitment and retention bonuses—in sustaining efficient employment relationships." (Author's abstract, IAB-Doku) ((en))
Ähnliche Treffer
auch erschienen als NBER working paper 33149 -
Literaturhinweis
Bonus Question: Does Flexible Incentive Pay Dampen Unemployment Dynamics? (2023)
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Gaur, Meghana, John Grigsby, Jonathon Hazell & Abdoulaye Ndiaye (2023): Bonus Question: Does Flexible Incentive Pay Dampen Unemployment Dynamics? (IZA discussion paper / Forschungsinstitut zur Zukunft der Arbeit 16481), Bonn, 86 S.
Abstract
"We introduce dynamic incentive contracts into a model of unemployment dynamics and present three results. First, wage cyclicality from incentives does not dampen unemployment dynamics: the response of unemployment to shocks is first-order equivalent in an economy with flexible incentive pay and without bargaining, vis-a-vis an economy with rigid wages. Second, wage cyclicality from bargaining dampens unemployment dynamics through the standard mechanism. Third, our calibrated model suggests 46% of wage cyclicality in the data arises from incentives. A standard model without incentives calibrated to weakly procyclical wages, matches unemployment dynamics in our incentive pay model calibrated to strongly procyclical wages." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Downward Rigidity in the Wage for New Hires (2023)
Hazell, Jonathon; Taska, Bledi;Zitatform
Hazell, Jonathon & Bledi Taska (2023): Downward Rigidity in the Wage for New Hires. (IZA discussion paper / Forschungsinstitut zur Zukunft der Arbeit 16512), Bonn, 79 S.
Abstract
"Wage rigidity is an important explanation for unemployment fluctuations. In benchmark models wages for new hires are key, but there is limited evidence on this margin. We use wages posted on vacancies, with job and establishment information, to measure the wage for new hires. We show that our measure of the wage for new hires is rigid downward and flexible upward, in two steps. First, wages change infrequently at the job level, and fall especially rarely. Second, wages do not respond to rises in unemployment, but respond strongly to falls in unemployment. Job information is crucial for detecting downward rigidity." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Wage rigidity and destabilizing spirals (2023)
Zitatform
Jung, Euiyoung (2023): Wage rigidity and destabilizing spirals. In: Journal of macroeconomics, Jg. 77. DOI:10.1016/j.jmacro.2023.103546
Abstract
"This paper investigates the impact of real wage rigidity on the (de)stabilizing role of demand feedback. I show that destabilizing supply–demand feedback driven by countercyclical precautionary savings demand against uninsured unemployment risk is fundamentally a matter of rigid real wage adjustments over business cycles. Given the estimated wage rigidity consistent with aggregate labor market dynamics in the United States, the quantitative results suggest that the unemployment risk channel has a minor impact on aggregate volatility." (Author's abstract, IAB-Doku, © 2024 Elsevier) ((en))
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Literaturhinweis
Lohnentwicklung und Lohnstauchung im Öffentlichen Dienst (2023)
Lesch, Hagen; Eckle, Lennart;Zitatform
Lesch, Hagen & Lennart Eckle (2023): Lohnentwicklung und Lohnstauchung im Öffentlichen Dienst. (IW-Kurzberichte / Institut der Deutschen Wirtschaft Köln 2023,88), Köln, 3 S.
Abstract
"Nachdem im April 2023 bereits ein Tarifergebnis für die Beschäftigten des öffentlichen Dienstes des Bundes und der Kommunen erreicht wurde, finden aktuell Tarifverhandlungen für die Beschäftigten der Länder statt. Die Gewerkschaften fordern 10,5 Prozent mehr Lohn, mindestens aber 500 Euro. Setzen sie dies durch, würde die ohnehin schon stark komprimierte Lohnstruktur weiter gestaucht." (Autorenreferat, IAB-Doku)
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Literaturhinweis
Wage Stagnation and the Decline of Standardized Pay Rates, 1974-1991 (2023)
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Massenkoff, Maxim & Nathan Wilmers (2023): Wage Stagnation and the Decline of Standardized Pay Rates, 1974-1991. In: American Economic Journal. Applied Economics, Jg. 15, H. 1, S. 474-507. DOI:10.1257/app.20200819
Abstract
"Using new establishment-by-occupation microdata, we show that the use of discretionary wage setting significantly expanded in the 1970s and 1980s. Increasingly, wages for blue-collar workers were not standardized by job title or seniority but instead subject to managerial discretion. When establishments abandoned standardized pay rates, wages fell, particularly for the lowest-paid workers in a job and for those in establishments that previously paid above market rates. This shift away from standardized pay rates, in context of a broader decline in worker bargaining power, accelerated the decline in real wages experienced by blue-collar workers in the 1980s." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Fairness and Gini decomposition (2023)
Moramarco, Domenico;Zitatform
Moramarco, Domenico (2023): Fairness and Gini decomposition. In: Economics Letters, Jg. 233. DOI:10.1016/j.econlet.2023.111409
Abstract
"We propose a new decomposition of the Gini coefficient that nests a structuralist and an individualistic definition of unfair inequality, as well as ex ante and ex post measures of inequality of opportunity. We illustrate the decomposition on Belgian data, highlighting the source of a consistent difference between these views about unfair inequality." (Author's abstract, IAB-Doku, © 2024 Elsevier) ((en))
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Literaturhinweis
A Multisector Perspective on Wage Stagnation (2023)
Ngai, L. Rachel; Sevinc, Orhun;Zitatform
Ngai, L. Rachel & Orhun Sevinc (2023): A Multisector Perspective on Wage Stagnation. (IZA discussion paper / Forschungsinstitut zur Zukunft der Arbeit 16356), Bonn, 36 S.
Abstract
"Low-skilled workers are concentrated in sectors that experience fast productivity growth and yet their real wages have been stagnating. We document evidence from the U.S. to show the importance of sectoral reallocations. Key to our two-sector model is the fall in the relative price of the low-skill intensive sector caused by faster productivity growth. When outputs are complements across sectors, this leads to a reallocation of low-skilled workers to the high-skill intensive sector where their marginal product is stagnant. We show that this mechanism is quantitatively important for the stagnation of low-skill real wages and their divergence from aggregate labor productivity during 1980-2010." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Firm Wages in a Frictional Labor Market (2023)
Rudanko, Leena;Zitatform
Rudanko, Leena (2023): Firm Wages in a Frictional Labor Market. In: American Economic Journal. Macroeconomics, Jg. 15, H. 1, S. 517-550. DOI:10.1257/mac.20200440
Abstract
"This paper studies wage setting in a directed search model of multiworker firms facing within-firm equity constraints on wages. The constraints reduce wages, as firms exploit their monopsony power over their existing workers, rendering wages less responsive to productivity in doing so. They also give rise to a time inconsistency in the dynamic firm problem, as firms face a less elastic labor supply in the short run than in the long run, making commitment to future wages valuable. Constrained firms find it profitable to fix wages, and doing so is good for worker welfare and resource allocation in equilibrium." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Labour market rigidity and expansionary austerity (2023)
Zitatform
Tafuro, Andrea (2023): Labour market rigidity and expansionary austerity. In: Journal of macroeconomics, Jg. 75. DOI:10.1016/j.jmacro.2022.103495
Abstract
"This study provides new evidence on how labour market rigidities affect the transmission of fiscal consolidations using a sample of 17 OECD countries. Owing to a novel empirical approach, the outcomes of consolidations are modelled as a function of employment and wage rigidities. The evidence confirms that tax-based consolidations are distortionary, while expenditure-based consolidations have wealth effects. These effects are then magnified by flexible employment and rigid wages, while they are moderated by rigid employment and flexible wages. This indicates that labour market conditions influence how fiscal consolidation is propagated in the economy by affecting both the magnitude and the transmission channels of consolidation plans. This result has crucial policy implications and suggests that the design of consolidation plans should account for the labour market structure." (Author's abstract, IAB-Doku, © 2023 Elsevier) ((en))
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Literaturhinweis
How Sticky Wages in Existing Jobs Can Affect Hiring (2022)
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Bils, Mark, Yongsung Chang & Sun-Bin Kim (2022): How Sticky Wages in Existing Jobs Can Affect Hiring. In: American Economic Journal. Macroeconomics, Jg. 14, H. 1, S. 1-37. DOI:10.1257/mac.20190338
Abstract
"We consider a matching model of employment with flexible wages for new hires but sticky wages within matches. Unlike most models of sticky wages, we allow effort to respond if wages are too high or too low. In the Mortensen-Pissarides model, employment is not affected by wage stickiness in existing matches. But it is in our model. If wages of matched workers are stuck too high, firms require more effort, lowering the value of additional labor and reducing hiring. We find that effort's response can greatly increase wage inertia." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Nominal and Real Wages in the UK, 1750 - 2015: Mean Reversion, Persistence and Structural Breaks (2022)
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Caporale, Guglielmo Maria & Luis A. Gil-Alana (2022): Nominal and Real Wages in the UK, 1750 - 2015. Mean Reversion, Persistence and Structural Breaks. (CESifo working paper 10018), München, 14 S.
Abstract
"This paper analyses the stochastic properties of UK nominal and real wages over the period 1750-2015 using fractional integration techniques. Both the original series and logged ones are analysed. The results generally suggest that nominal wages exhibit a higher degree of persistence, which reflects relatively long lags between inflation and wage adjustments. Endogenous break tests are also carried out and various structural breaks are identified in both series. On the whole the corresponding subsample estimates imply an increase over time in the degree of persistence of both series." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Who Set Your Wage? (2022)
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Card, David (2022): Who Set Your Wage? In: The American economic review, Jg. 112, H. 4, S. 1075-1090. DOI:10.1257/aer.112.4.1075
Abstract
"I discuss the recent literature that has led to new interest in the idea of monopsonistic wage setting. Building on advances in search theory and in models of differentiated products, researchers have used a number of different strategies to identify the elasticity of firm-specific labor supply. A growing consensus is that firms have some wage-setting power, though many questions remain about the sources of that power." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Endogenous Separations, Wage Rigidities, and Unemployment Volatility (2022)
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Carlsson, Mikael & Andreas Westermark (2022): Endogenous Separations, Wage Rigidities, and Unemployment Volatility. In: American Economic Journal. Macroeconomics, Jg. 14, H. 1, S. 332-354. DOI:10.1257/mac.20180314
Abstract
"We show that in microdata, as well as in a search and matching model with flexible wages for new hires, wage rigidities of incumbent workers have substantial effects on separations and unemployment volatility. Allowing for an empirically relevant degree of wage rigidities for incumbent workers drives unemployment volatility as well as the volatility of vacancies and tightness to that in the data. Thus, the degree of wage rigidity for newly hired workers is not a sufficient statistic for determining the effect of wage rigidities on macroeconomic outcomes. This finding affects the interpretation of a large empirical literature on wage rigidities." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Endogenous wage indexation and aggregate shocks (2022)
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Carrillo, Julio A., Gert Peersman & Joris Wauters (2022): Endogenous wage indexation and aggregate shocks. In: Journal of macroeconomics, Jg. 72. DOI:10.1016/j.jmacro.2022.103417
Abstract
"New Keynesian DSGE models assume a constant degree of wage indexation to past inflation, neglecting empirical and institutional evidence of a time-varying degree. We build a DSGE model with utility-maximizing workers that can endogenously choose the wage indexation rule. We find that workers index their wage to past inflation when shocks to productivity and the nominal anchor drive output fluctuations. By contrast, they index wages to the inflation target when aggregate demand shocks dominate. We further show that this decentralized equilibrium is not socially optimal, but explains the time-varying degree of wage indexation in US data very well." (Author's abstract, IAB-Doku, © 2022 Elsevier) ((en))
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Literaturhinweis
Do Sticky Wages Matter? New Evidence from Matched Firm Survey and Register Data (2022)
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Funk, Anne Kathrin & Daniel Kaufmann (2022): Do Sticky Wages Matter? New Evidence from Matched Firm Survey and Register Data. In: Economica, Jg. 89, H. 355, S. 689-712. DOI:10.1111/ecca.12412
Abstract
"We study the causal effects of downward nominal wage rigidity after a deflationary monetary policy shock using Swiss data on employee-level contractual wages matched with income and employment from social security register data. We exploit the discontinuity around the origin of the wage growth distribution to compare the outcomes of individuals with wage freezes (treatment group) and small wage cuts (control group) before and after an unexpected decision by the Swiss National Bank leading to a 1% decline of the price level. Locally (that is, near the origin of the wage growth distribution), downward nominal wage rigidities cause a 4.4% decline in income and a 0.7 percentage point increase in the probability of unemployment. In the aggregate, income declines by 0.3% and the probability of unemployment increases by 0.05 percentage points." (Author's abstract, IAB-Doku, Published by arrangement with John Wiley & Sons) ((en))
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Literaturhinweis
Do Bonuses Offset the Allocative Effects of Downward Rigid Base Wages? (2022)
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Funk, Anne Kathrin & Daniel Kaufmann (2022): Do Bonuses Offset the Allocative Effects of Downward Rigid Base Wages? In: AEA papers and proceedings, Jg. 112, S. 486-490. DOI:10.1257/pandp.20221097
Abstract
"We measure the labor market outcomes of employees with downward rigid base wages after an unexpected deflationary shock in Switzerland using a firm survey matched with Social Security register data. The employees that additionally receive downward flexible compensation, such as bonuses, are less likely to lose their job after a deflationary shock than those only receiving a base wage. Only a modest share of employees receives downward flexible compensation, however. Therefore, these compensation schemes do not offset the overall allocative effects of downward rigid base wages." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
State Dependent Government Spending Multipliers: Downward Nominal Wage Rigidity and Sources of Business Cycle Fluctuations (2022)
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Jo, Yoon J. & Sarah Zubairy (2022): State Dependent Government Spending Multipliers: Downward Nominal Wage Rigidity and Sources of Business Cycle Fluctuations. (NBER working paper 30025), Cambridge, Mass, 69 S. DOI:10.3386/w30025
Abstract
"We consider a New Keynesian model with downward nominal wage rigidity (DNWR) and show that government spending is much more effective in stimulating output in a low-inflation recession relative to a high-inflation recession. The government spending multiplier is large when DNWR binds, but the nature of recession matters due to the opposing response of inflation. In a demand-driven recession, inflation falls, preventing real wages from falling, leading to unemployment, while inflation rises in a supply-driven recession limiting the consequences of DNWR on employment. We document supporting empirical evidence, using both historical time series data and cross-sectional data from U.S. states." (Author's abstract, IAB-Doku) ((en))
Ähnliche Treffer
auch erschienen als: Working Papers, 20210127-001 -
Literaturhinweis
Job Search Intensity and Wage Rigidity in Business Cycles (2022)
Uemura, Yuki;Zitatform
Uemura, Yuki (2022): Job Search Intensity and Wage Rigidity in Business Cycles. (KIER discussion paper series 1078), Kyoto, 34 S.
Abstract
"This paper examines the job search behavior of unemployed workers over the business cycle. The paper first constructs a standard search and matching model with endogenous search efforts, wage rigidity, and a generalized matching function. Contrary to the existing literature, the proposed model generates both procyclical and countercyclical search intensity, depending on the degree of wage rigidity and the elasticity parameter of the matching function. The paper then calibrates the model to the U.S. economy and provides various impulse response analyses. The numerical exercises show that the model successfully and simultaneously reproduces countercyclical search efforts and sizable labor market fluctuations." (Author's abstract, IAB-Doku) ((en))