economic conditions at the time of hiring on future wages. Measured by the labor's user cost, the price of labor is …

data on workers and wages with detailed information on the balance sheets of firms. Both mechanisms play a role empirically … substantial decline in both unemployment and wages. Financial constraints therefore weaken the direct link between wage rigidity …How do wages respond to financial recessions? Based on a dynamic macroeconomic model with frictions in the labor and …

not the case. Although unemployment is low, the labor market is not 'tight'. On the contrary, we show that what matters …. By lowering already low levels of consumer confidence, higher interest rates are liable to exacerbate workers' inability … to maintain their real wages by reducing labor demand still further. Furthermore, we argue inflationary pressures have …