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This paper establishes stylized facts about the cyclicality of real consumer wages and real producer wages in Germany. As detrending methods we apply the deterministic trend model, the Beveridge-Nelson decomposition, the Hodrick-Prescott filter, the Baxter-King filter and the structural time...
Persistent link: https://www.econbiz.de/10008665448
Viele empirische Studien, die die Komprimierung von Lohnkürzungen betrachteten, finden einen hohen Grad an Abwärtsnominallohnstarrheit (ANLS). Die resultierenden makroökonomischen Effekte scheinen jedoch überraschend gering zu sein. Dieser Widerspruch kann in einem intertemporalen Rahmen...
Persistent link: https://www.econbiz.de/10008669641
Focusing on the compression of wage cuts, many empirical studies find a high degree of downward nominal wage rigidity (DNWR). However, the resulting macroeconomic effects seem to be surprisingly weak. This contradiction can be explained within an intertemporal framework in which DNWR not only...
Persistent link: https://www.econbiz.de/10008779980
Persistent link: https://www.econbiz.de/10008840168
This paper establishes stylized facts about the cyclicality of real consumer wages and real producer wages in Germany. As detrending methods we apply the deterministic trend model, the Beveridge-Nelson decomposition, the Hodrick-Prescott filter, the Baxter-King filter and the structural time...
Persistent link: https://www.econbiz.de/10009009395
We consider a theoretical model in which unions not only take the outside option into account, but also base their wage-setting decisions on an internal reference, called the fairness reference. Wage and employment outcomes and the shape of the aggregate wagesetting curve depend on the weight...
Persistent link: https://www.econbiz.de/10009578751
This paper sheds new light on the mutual relationship between investor sentiment and excess returns corresponding to the bubble component of stock prices. We propose to use the wavelet concept of the phase angle to determine the lead-lag relation between these variables. The wavelet phase angle...
Persistent link: https://www.econbiz.de/10011325814
Persistent link: https://www.econbiz.de/10009696461
Persistent link: https://www.econbiz.de/10009724176
Focusing on the cost-reducing motive behind the use of temporary agency employment, this paper aims at providing a better theoretical understanding of the effects of temporary agency work on the wage-setting process, trade unions' rents, firms' profits and employment. It is shown that trade...
Persistent link: https://www.econbiz.de/10010472489