Dickens, William T.; Goette, Lorenz; Groshen, Erica L.; … - In: Journal of Economic Perspectives 21 (2007) 2, pp. 195-214
Workers' wages are not set in a spot market. Instead, the wages of most workers -- at least those who do not switch jobs -- typically change only annually and are mediated by a complex set of institutions and factors such as contracts, unions, standards of fairness, minimum wage policy,...