Why Wages Don't Fall During a Recession¶
Bewley, T. F. (1999). Why Wages Don't Fall During a Recession. Harvard University Press.
Cited by¶
1 citation across 1 artifact.
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Primes¶
- Ratchet Effect
- In wage and price dynamics, nominal wages and posted prices rise under inflationary pressure but resist falling under deflationary pressure, the wage ratchet underwriting much of the rationale for inflation targeting.
This sourceDocuments downward nominal wage rigidity from interviews with employers: nominal wages rise readily but resist cuts even in downturns, because cuts damage morale — the nominal-rigidity lock of the wage ratchet.
- In wage and price dynamics, nominal wages and posted prices rise under inflationary pressure but resist falling under deflationary pressure, the wage ratchet underwriting much of the rationale for inflation targeting.
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