Surprisingly, wages either plateaued or kept rising. “That’s the manifestation of downward nominal wage rigidity,” explains Schmitt-Grohé. “The firm can’t cut the wage, so they say, ‘I let you go.’” ...
https://doi.org/10.15609/annaeconstat2009.140.0127 • https://www.jstor.org/stable/10.15609/annaeconstat2009.140.0127 This paper investigates the welfare ...
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