growth and better living standards. Judged by real wages as the most widely used historical living standard indicator, only … policies after 1947. Wages increased throughout the 1970s and the 1980s, but far less so than Maddison's GDP per capita …

to that of economies with rigid wages. Likewise, the slope of the Phillips curve is the same in both economies. This … equivalence is due to effort fluctuations, which render effective marginal costs rigid even if wages are flexible. Our calibrated … bargaining and outside options. A standard model without incentives calibrated to weakly procyclical wages matches the impulse …

utilizing STW tend to have higher wages, be larger, and have falling employment even before STW take-up. More adverse selection …, with control firms without extensions lowering wages compared to treated firms. Across cells, larger wage effects …