Why Wages Don't Fall During a Recession |
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| Author:
| Bewley, Truman F. |
| ISBN: | 978-0-674-00943-1 |
| Publication Date: | Sep 2002 |
| Publisher: | Harvard University Press
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| Book Format: | Paperback |
| List Price: | USD $47.00 |
Book Description:
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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.
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.