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
How Sticky Wages in Existing Jobs Can Affect Hiring (2022)
Bils, Mark; Chang, Yongsung; Kim, Sun-Bin;Zitatform
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)
Caporale, Guglielmo Maria; Gil-Alana, Luis A.;Zitatform
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)
Card, David;Zitatform
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)
Carlsson, Mikael; Westermark, Andreas;Zitatform
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
Do Sticky Wages Matter? New Evidence from Matched Firm Survey and Register Data (2022)
Funk, Anne Kathrin; Kaufmann, Daniel;Zitatform
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)
Funk, Anne Kathrin; Kaufmann, Daniel;Zitatform
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)
Jo, Yoon J.; Zubairy, Sarah;Zitatform
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))
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Literaturhinweis
Employment and wage effects of extending collective bargaining agreements: Sectoral collective contracts reduce inequality but may lead to job losses among workers with earnings close to the wage floors (2022)
Zitatform
Villanueva, Ernesto & Effrosyni Adamopoulou (2022): Employment and wage effects of extending collective bargaining agreements. Sectoral collective contracts reduce inequality but may lead to job losses among workers with earnings close to the wage floors. (IZA world of labor 136), Bonn, 12 S. DOI:10.15185/izawol.136.v2
Abstract
"Der Gesamteffekt der Allgemeinverbindlichkeit von Tarifverträgen hängt davon ab, wie viele Arbeitsplätze aufgrund der tariflich geregelten Lohnuntergrenzen und sonstigen Arbeitsbedingungen abgebaut werden. Um die Auswirkungen auf Löhne und Beschäftigung bewerten zu können, müssen Informationen über Tarifverträge mit Längsschnittdaten zu Arbeitgebern und Arbeitnehmern verknüpft werden. Neue Erkenntnisse der Forschung zeigen, dass negative Effekte meist auf Arbeitnehmer mit Verdiensten in der Nähe der Mindestlöhne beschränkt sind. Öffnungsklauseln und Repräsentativitätserfordernisse können dem entgegenwirken." (Autorenreferat, IAB-Doku)
Weiterführende Informationen
deutsche Kurzfassung -
Literaturhinweis
Endogenous Growth, Downward Wage Rigidities and Optimal Inflation (2021)
Abbritti, Mirko; Consolo, Agostino; Weber, Sebastian;Zitatform
Abbritti, Mirko, Agostino Consolo & Sebastian Weber (2021): Endogenous Growth, Downward Wage Rigidities and Optimal Inflation. (IMF working paper 2021,208), Washington, DC, 49 S.
Abstract
"Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions, endogenous productivity and downward wage rigidity (DWR) which challenges these results. The model features a non-vertical long-run Phillips curve between inflation and unemployment and a trade-off between price distortions and output hysteresis that change the welfare-maximizing inflation level. For a plausible set of parameters, the optimal inflation target is in excess of two percent, a target value commonly used across central banks. Deviations from the optimal target carry welfare costs multiple times higher than in traditional NK models. The main reason is that endogenous growth and DWR generate asymmetric and hysteresis effects on unemployment and output. Price level targeting or a Taylor-rule responding to the unemployment rate can handle better the asymmetric and hysteresis effects in our model and deliver significant welfare gains. Our results are robust to the inclusion of the effective lower bound on the monetary policy interest rate." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Labor Market Concentration and Stayers' Wages: Evidence from France (2021)
Zitatform
Bassanini, Andrea, Cyprien Batut & Eve Caroli (2021): Labor Market Concentration and Stayers' Wages. Evidence from France. (IZA discussion paper 14912), Bonn, 20 S.
Abstract
"We investigate the impact of labor market concentration on stayers' wages, where stayers are defined as individuals who were already employed in the same firm the year before. Using administrative data for France, we show that the elasticity of stayers' wages to labor market concentration ranges between -0.0185 and -0.0230, depending on the instrument we use, and controlling for labor productivity and local product market concentration. This represents between about two thirds and three fourth of the elasticity we estimate for new hires. Given the strong wage rigidities characterizing the French labor market, this estimate can be considered a lower bound of the effect of labor market concentration on stayers' wages in an international perspective." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Uncertainty, Wages and the Business Cycle (2021)
Cacciatore, Matteo; Ravenna, Federico;Zitatform
Cacciatore, Matteo & Federico Ravenna (2021): Uncertainty, Wages and the Business Cycle. In: The Economic Journal, Jg. 131, H. 639, S. 2797-2823. DOI:10.1093/ej/ueab019
Abstract
"We show that limited wage flexibility in economic downturns generates strong and state-dependent amplification of uncertainty shocks. It also explains the cyclical behaviour of empirical measures of uncertainty. In the presence of matching frictions, an occasionally binding constraint on downward wage adjustment enhances the concavity of firms' hiring rule, resulting in an endogenous profit risk-premium. In turn, higher uncertainty increases the profit risk-premium when the economy operates close to the wage constraint, deepening a recession. Non-linear local projections and vector autoregression estimates support the model predictions. In addition, we show that measured uncertainty rises in a recession even without uncertainty shocks." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Rigid Wages, Endogenous Job Destruction, and Destabilizing Spirals (2021)
Jung, Euiyoung;Zitatform
Jung, Euiyoung (2021): Rigid Wages, Endogenous Job Destruction, and Destabilizing Spirals. (PSE working paper / Paris School of Economics 2021-27), Paris, 71 S.
Abstract
"This paper studies the theoretical link between real wage rigidity and the destabilizing mechanism driven by the countercyclical precautionary saving demand against unemployment risk. First, I analytically show that destabilizing supply-demand feedback is a general equilibrium outcome of rigid labor cost adjustments. Second, the calibrated wage rigidity consistent with empirical labor market dynamics suggests that real wages are less likely to be sufficiently rigid to cause the destabilizing mechanism. Finally, the way we model job destruction dynamics can have a fundamental impact on the range of real wage rigidity consistent with empirical labor market dynamics and, thus, economic dynamics. Therefore, in contrast to the presumption of many researchers, assuming exogenous job destruction is not innocuous." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Can reference points explain wage rigidity?: Experimental evidence (2021)
Zitatform
Koch, Christian (2021): Can reference points explain wage rigidity? Experimental evidence. In: Journal for labour market research, Jg. 55. DOI:10.1186/s12651-021-00284-2
Abstract
"I examine whether reference points can provide an explanation for rigid wages in recessions. Even though a recession provides a good reason to adjust wages downward, workers’ perception of a “fair wage” may depend on their previous wage, their reference point. Using a laboratory experiment, I test this idea by varying whether initially concluded contracts—and their stipulated wages—can serve as reference points. My experimental results show that with initial contracts workers punish wage cuts even in recessions, leading to considerable more rigid wages. Surprisingly, this is even true without an “objective” justification to feel entitled to initial contracts." (Author's abstract, © 2021 Springer Nature) ((en))
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Literaturhinweis
Wage gains from foreign ownership: evidence from linked employer-employee data (2021)
Zitatform
Köllö, János, István Boza & László Balázsi (2021): Wage gains from foreign ownership: evidence from linked employer-employee data. In: Journal for labour market research, Jg. 55. DOI:10.1186/s12651-021-00286-0
Abstract
"We compare the wages of skilled workers in multinational enterprises (MNEs) versus domestic firms, the earnings of domestic firm workers with past, future and no MNE experience, and estimate how the presence of ex-MNE peers affects the wages of domestic firm employees. The analysis relies on monthly panel data covering half of the Hungarian population and their employers in 2003 - 2011. We identify the returns to MNE experience from changes of ownership, wages paid by new firms of different ownership, and the movement of workers between enterprises. We find high contemporaneous and lagged returns to MNE experience and significant spillover effects. Foreign acquisition has a moderate wage impact, but there is a wide gap between new MNEs and domestic firms. The findings, taken together, suggest that MNE employees accumulate partly transferable knowledge, valued in the high-wage segment of the local economy that is connected with the MNEs via worker turnover." (Author's abstract, © 2021 Springer) ((en))
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Literaturhinweis
The Extent of Downward Nominal Wage Rigidity: New Evidence from Payroll Data (2021)
Zitatform
Schaefer, Daniel & Carl Singleton (2021): The Extent of Downward Nominal Wage Rigidity: New Evidence from Payroll Data. (Discussion papers / University of Reading, Department of Economics 2021-22), Reading, 57 S.
Abstract
"Low inflation has forced the topic of downward nominal wage rigidity (DNWR) back to the centre stage of macroeconomics. We use over a decade of representative payroll data from Great Britain to document novel facts about wage adjustments. We find that basic wages drive the cyclicality of marginal labour costs, which makes them the most relevant wage measure for macroeconomic models that incorporate wage rigidity. Basic wages show substantially more evidence of downward rigidity than previously documented. Every fifth hourly-paid and every sixth salaried employee normally sees no basic wage change from year-to-year, and very few experience cuts. Wage freezes were more common in the Great Recession and are far more likely in smaller firms. We also find evidence that employers compress wage growth when inflation is low, indicating that DNWR constrains wage setting. Further, we show that the wages of new hires and incumbent employees respond equally to the business cycle. These results all point to the importance of including DNWR in macroeconomic and monetary policy models, and our simulations demonstrate that the empirical extent of DNWR can cause considerable long-run output losses." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Estimating variances for modeled wage estimates (2020)
Guciardo, Christopher J.;Zitatform
Guciardo, Christopher J. (2020): Estimating variances for modeled wage estimates. In: Monthly labor review, Jg. 143, H. March, S. 1-22. DOI:10.21916/mlr.2020.3
Abstract
"The Modeled Wage Estimates (MWE) program publishes mean hourly wages by occupation, geographic area, and worker characteristic (for example, full-time workers). The MWE program combines data from two U.S. Bureau of Labor Statistics programs: the Occupational Employment Statistics (OES) and the National Compensation Survey (NCS). For the first few years of the MWE program, there were no estimates of variance. In 2018, variance estimates were published for the first time for the MWE program, for the May 2017 reference month. This article first shows how the OES and NCS microdata are combined to produce a mean wage estimate. It then focuses on the new variance estimation methodology, highlighting how the variability of both the OES and NCS sample designs are simultaneously captured. A small sample of MWE mean wages and variances are provided for the most recent estimates, for the May 2018 reference month." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Wage Rigidities and Old-Age Unemployment (2020)
Zitatform
Kerndler, Martin & Michael Reiter (2020): Wage Rigidities and Old-Age Unemployment. (EconPol policy brief 22), München, 12 S.
Abstract
"Wage smoothing is beneficial for firms and workers, but wage rigidities can lead to bilaterally inefficient separations. By comparing the impact of four policy measures regarding their impact on welfare, output and government expenditures, Martin Kerndler (TU Wien) and Michael Reiter (IHS Vienna, NYU Abu Dhabi, EconPol Europe) have identified a reasonable policy mix to counter the negative employment effects of wage rigidities." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Firm productivity, wages, and sorting (2020)
Zitatform
Lochner, Benjamin & Bastian Schulz (2020): Firm productivity, wages, and sorting. (IAB-Discussion Paper 04/2020), Nürnberg, 76 S.
Abstract
"Wachsende Lohnungleichheit geht mit Veränderungen der Allokation von Arbeitnehmern zu Arbeitgebern im Arbeitsmarkt einher. Dies spiegelt sich auch in einem steigenden Sortierungsgrad des Arbeitsmarkts wider. Wir entwickeln eine neue Methode zur Messung dieses Sortierungsgrades, welche die jeweiligen Beiträge von Arbeitnehmer- und Arbeitgeberheterogenität zur Lohnungleichheit entflechtet. Inspiriert von theoretischen Modellen der Arbeitsmarktsortierung leiten wir die Produktivität der arbeitgebenden Unternehmen aus Schätzungen von Produktionsfunktionen auf der Firmenebene ab. Wir berücksichtigen dabei insbesondere, dass die Firmenproduktivität auf der Matchebene mit der Leistungsfähigkeit der einzelnen Arbeitnehmer interagieren könnte. Anhand deutscher Daten beobachten wir, dass hochproduktive Firmen niedrige Lohnquoten aufweisen, in konzentrierten Märkten operieren und geringere Löhne zahlen als weniger produktive Firmen. Der Sortierungsgrad ist positiv aber niedriger als lohnbasierte Maße nahelegen. Er steigt mit der Zeit, getrieben durch neue Matches zwischen relativ unproduktiven Firmen und weniger leistungsfähigen Arbeitnehmern. An der Spitze geht der Sortierungsgrad zurück, was sich darin widerspiegelt, dass Arbeitnehmer die produktivsten Firmen, die relativ geringe Löhne zahlen, verlassen. Wir diskutieren Implikationen unserer Ergebnisse für die Interpretation steigender Lohnungleichheit." (Autorenreferat, IAB-Doku)
Ähnliche Treffer
auch erschienen als: University Aarhus. Economics working paper -
Literaturhinweis
Wage stickiness, offshoring and unemployment (2019)
Aloi, Marta; Hoefele, Andreas;Zitatform
Aloi, Marta & Andreas Hoefele (2019): Wage stickiness, offshoring and unemployment. In: Economics Letters, Jg. 177, H. April, S. 56-59. DOI:10.1016/j.econlet.2019.01.025
Abstract
"This note investigates how the effect of offshoring on unemployment is influenced by the wage setting process. We assume staggered wage contracts in an otherwise standard search and matching model. In this setup, the contract wage depends also on expected future conditions. We show that more flexibility in the wage contracting process induces greater offshoring, a decrease in the worker's job-finding probability and higher worker's wage within job spells. Notably, less stickiness leads to a fall in the rents that firms can extract by producing domestically." (Author's abstract, © 2019 Elsevier) ((en))