ENGLISH

Why Wages Don't Fall during a Recession

By Truman F. Bewley

Book information

Publisher
Harvard University Press
Year
2009
ISBN
9780674020900
DOI
10.4159/9780674020900
Language
english
Format
PDF
Filesize
30 MB (31540228 bytes)
Pages
537\537
Library
degruyter.com
Time added
2023-08-22 08:40:04

Description

A deep question in economics is why wages and salaries don’t fall during recessions. This is not true of other prices, which adjust relatively quickly to reflect changes in demand and supply. Bewley’s findings contradict most theories of wage rigidity and provide fascinating insights into the problems that prevent labor markets from clearing.

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