Nominal Wage Rigidity and The Rate of Inflation  

Oleh:

Nickell, Stephen ; Quintini, Glenda

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 113 no. 490 (2003), page 762-781.
Topik: inflation; wage rigidity; rate of inflation
Fulltext: 762.pdf (155.72KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.11 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Using the accurate and extensive data available in the UK New Earnings Survey, this paper investigates the extent to which nominal wages are downwardly rigid and whether such rigidity interferes with necessary real wage adjustments when inflation is low. Despite the substantial numbers of individuals whose nominal wages fall from one year to the next, we find that there is evidence of some rigidity at zero nominal wage change. While the effect is statistically significant, the macroeconomic impact of the distortion is very modest.

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