| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16499 |
| DP16499 The Financial Channel of Wage Rigidity | |
| Benjamin Schoefer | |
| 发表日期 | 2021-08-31 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | I propose a financial channel of wage rigidity. In recessions, rather than propping up marginal (new hires') costs of labor, rigid average wages squeeze cash flows, forcing firms to cut hiring due to financial constraints. Indeed, empirical cash flows and profits would turn acyclical if wages were only moderately more procyclical. I study this channel in a search and matching model with financial constraints and rigid wages among incumbent workers, while new hires' wages are flexible. Individually, each feature generates no amplification. By contrast, their interaction can account for much of the empirical labor market fluctuations--breaking the neutrality of incumbents’ wages for hiring, and showing that financial amplification of business cycles requires wage rigidity. |
| 主题 | Financial Economics ; Labour Economics ; Monetary Economics and Fluctuations ; Organizational Economics ; Public Economics |
| URL | https://cepr.org/publications/dp16499-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545454 |
| 推荐引用方式 GB/T 7714 | Benjamin Schoefer. DP16499 The Financial Channel of Wage Rigidity. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Benjamin Schoefer]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Benjamin Schoefer]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Benjamin Schoefer]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
