Recent research in macroeconomics emphasizes the role of wage rigidity in accounting for the volatility of unemployment … aggregate labor market conditions. The wage of new hires, unlike the aggregate wage, is volatile and responds almost one …-to-one to changes in labor productivity. We conclude that there is little evidence for wage stickiness in the data. We also show …

Recent research in macroeconomics emphasizes the role of wage rigidity in ac- counting for the volatility of … changes in aggregate labor market conditions. The wage of new hires, unlike the aggregate wage, is volatile and responds … almost one-to-one to changes in labor productivity. We conclude that there is little evidence for wage stickiness in the data …

We study the wage growth of job stayers over the business cycle, and show that wage adjustments within a job spell … display significant history dependence. This is at odds with the spot market model, which implies that the wage growth of a … larger wage raises during expansions, and are subject to smaller wage cuts during downswings. The change in the …

contractual arrangements in wage determination. In economies with decentralized bargaining practices, such arrangements resemble … unions and centralized wage bargaining, wage behavior is better approximated by full-commitment insurance contracts. The co …

contractual arrangements in wage determination. In economies with decentralized bargaining practices, such arrangements resemble … unions and centralized wage bargaining, wage behavior is better approximated by full-commitment insurance contracts. …

, downward rigidity of wages. It is shown that, through social interaction among workers in the firm community, wage cuts can …-cut level and beyond. Our catastrophe/hysteresis finding with respect to wage cuts can rationalize the downward rigidity of wage …

providing insurance to workers against variation in labor productivity. The insurance motive delivers endogenous wage rigidity …

-finding rate to the wage built into the Nash bargaining mechanism assumed to determine wages in the model, we argue that he and … others overemphasize the need for wage rigidity to explain the data on labor-market fluctuations. Indeed, a modified version …

through the analysis of individual wage sequences. These suggest that the downwardly rigid wage sequences implied by implicit …