| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29201 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w29201 |
| 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/586874 |
| 推荐引用方式 GB/T 7714 | Benjamin Schoefer. The Financial Channel of Wage Rigidity. 2021. |
| 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 | ||
| w29201.pdf（3051KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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