Evidence on nominal wage rigidity from a panel of U.S. manufacturing industries.: An article from: Journal of Money, Credit & Banking
Book Details
Author(s)Vivek Ghosal, Prakash Loungani
PublisherOhio State University Press
ISBN / ASINB00096ONTY
ISBN-13978B00096ONT9
AvailabilityAvailable for download now
MarketplaceUnited States 🇺🇸
Description
This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on November 1, 1996. The length of the article is 8532 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
From the author: We provide a set of stylized facts on the response of industry nominal wage growth to aggregate and industry-specific influences using annual data for 450 U.S. manufacturing industries over the period 1958 to 1989. We find support for the canonical wage contracts model; the response of nominal wage growth to expected inflation is estimated to be between 0.6 and 0.8. This estimate holds for. several sectors within manufacturing. The response of nominal wage growth to unexpected inflation is around 0.1, indicating a striking departure from the "classical" assumption of full indexation. We also find support for the multisector wage indexation models. The estimated profit-sharing elasticity is positive, as hypothesized in these models. The instrumental variable estimates of the profit-sharing elasticity are typically between 0.1 and 0.2.
From the supplier: We provide a set of stylized facts on the response of industry nominal wage growth to aggregate and industry-specific influences using annual data for 450 U.S. manufacturing industries over the period 1958 to 1989. We find support for the canonical wage contracts model; the response of nominal wage growth to expected inflation is estimated to be between 0.6 and 0.8. This estimate holds for several sectors within manufacturing. The response of nominal wage growth to unexpected inflation is around 0.1, indicating a striking departure from the "classical" assumption of full indexation. We also find support for the multi-sector wage indexation models. The estimated profit-sharing elasticity is positive, as hypothesized in these models. The instrumental variable estimates of the profit-sharing elasticity are typically between 0.1 and 0.2. (Reprinted by permission of the publisher.)
Citation Details
Title: Evidence on nominal wage rigidity from a panel of U.S. manufacturing industries.
Author: Vivek Ghosal
Publication:Journal of Money, Credit & Banking (Refereed)
Date: November 1, 1996
Publisher: Ohio State University Press
Volume: v28 Issue: n4 Page: p650(19)
Distributed by Thomson Gale
From the author: We provide a set of stylized facts on the response of industry nominal wage growth to aggregate and industry-specific influences using annual data for 450 U.S. manufacturing industries over the period 1958 to 1989. We find support for the canonical wage contracts model; the response of nominal wage growth to expected inflation is estimated to be between 0.6 and 0.8. This estimate holds for. several sectors within manufacturing. The response of nominal wage growth to unexpected inflation is around 0.1, indicating a striking departure from the "classical" assumption of full indexation. We also find support for the multisector wage indexation models. The estimated profit-sharing elasticity is positive, as hypothesized in these models. The instrumental variable estimates of the profit-sharing elasticity are typically between 0.1 and 0.2.
From the supplier: We provide a set of stylized facts on the response of industry nominal wage growth to aggregate and industry-specific influences using annual data for 450 U.S. manufacturing industries over the period 1958 to 1989. We find support for the canonical wage contracts model; the response of nominal wage growth to expected inflation is estimated to be between 0.6 and 0.8. This estimate holds for several sectors within manufacturing. The response of nominal wage growth to unexpected inflation is around 0.1, indicating a striking departure from the "classical" assumption of full indexation. We also find support for the multi-sector wage indexation models. The estimated profit-sharing elasticity is positive, as hypothesized in these models. The instrumental variable estimates of the profit-sharing elasticity are typically between 0.1 and 0.2. (Reprinted by permission of the publisher.)
Citation Details
Title: Evidence on nominal wage rigidity from a panel of U.S. manufacturing industries.
Author: Vivek Ghosal
Publication:Journal of Money, Credit & Banking (Refereed)
Date: November 1, 1996
Publisher: Ohio State University Press
Volume: v28 Issue: n4 Page: p650(19)
Distributed by Thomson Gale
