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来源类型Working Paper
规范类型报告
DOI10.3386/w29201
来源IDWorking Paper 29201
The Financial Channel of Wage Rigidity
Benjamin Schoefer
发表日期2021-08-30
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Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance ; Labor Economics
URLhttps://www.nber.org/papers/w29201
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/586874
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Benjamin Schoefer. The Financial Channel of Wage Rigidity. 2021.
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