| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6061 |
| 来源ID | Working Paper 6061 |
| Identifying Inflation's Grease and Sand Effects in the Labor Market | |
| Erica L. Groshen; Mark E. Schweitzer | |
| 发表日期 | 1997-06-01 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | Inflation has been accused of causing distortionary price and wage fluctuations (sand) as well as lauded for facilitating adjustments to shocks when wages are rigid downwards (grease). This paper investigates whether these two effects can be distinguished from each other in a labor market by the following identification strategy: inflation-induced deviations among employers' mean wage changes represent unintended intramarket distortions (sand), while inflation-induced, inter-occupational wage changes reflect intended alignments with intermarket forces (grease). Using a unique 40-year panel of wage changes made by large mid-western employers, we find a wide variety of evidence to support the identification strategy. We also find some indications that occupational wages in large firms gained flexibility in the past four years. These results strongly support other findings that grease and sand effects exist, but also suggest that they offset each other in a welfare sense and in unemployment effects. Thus, at levels up to five percent, the net impact of inflation on unemployment is beneficial but statistically indistinguishable from zero. It turns detrimental after that. When positive, net benefits never exceed a tenth of gross benefits. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w6061 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563569 |
| 推荐引用方式 GB/T 7714 | Erica L. Groshen,Mark E. Schweitzer. Identifying Inflation's Grease and Sand Effects in the Labor Market. 1997. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6061.pdf（525KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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