Sticky wages and the Great Depression: evidence from the United Kingdom

IF 1.2 1区历史学 Q3 ECONOMICS

European Review of Economic History Pub Date : 2022-11-12 DOI:10.1093/ereh/heac014

Jason Lennard

引用次数: 0

Abstract

How sticky were wages during the Great Depression? Although classic accounts emphasise the importance of nominal rigidity in amplifying deflationary shocks, the evidence is limited. In this paper, I calculate the degree of nominal wage rigidity in the United Kingdom between the wars using new granular data covering millions of wages. I find that nominal wages changed infrequently but that wage cuts were more common than wage rises on average. Nominal wage adjustment fluctuated over time and by state, so that in 1931 amid falling output and prices more than one-third of workers received wage cuts.

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粘性工资与大萧条:来自英国的证据

大萧条时期的工资粘性有多大?尽管经典的解释强调名义刚性在放大通缩冲击方面的重要性，但证据有限。在本文中，我使用涵盖数百万工资的新颗粒数据计算了两次战争之间英国名义工资刚性的程度。我发现名义工资变化不大，但平均而言，减薪比加薪更常见。名义工资调整随时间和各州而波动，因此在1931年产出和物价下降的情况下，超过三分之一的工人减薪。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Review of Economic History Multiple-

CiteScore

2.60

自引率

7.10%

发文量

期刊介绍： European Review of Economic History has established itself as a major outlet for high-quality research in economic history, which is accessible to readers from a variety of different backgrounds. The Review publishes articles on a wide range of topics in European, comparative and world economic history. Contributions shed new light on existing debates, raise new or previously neglected topics and provide fresh perspectives from comparative research. The Review includes full-length articles, shorter articles, notes and comments, debates, survey articles, and review articles. It also publishes notes and announcements from the European Historical Economics Society.