Devicienti, Francesco - Collegio Carlo Alberto, Università degli Studi di Torino - 2002
the extent of downward nominal wage rigidity. The determinants of wage changes are explicitly modelled, as is the …. Estimates show that the degree of downward nominal wage rigidity is medium/high – between 51% and 68% of all notional wage cuts … being prevented by the existence of proportional rigidity. The implications of the estimated nominal wage rigidity for the …