The Costs of Price Stability - Downward Nominal Wage Rigidity in Europe
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In most European countries, the prevailing terms of employment, including the nominal wage, can only be changed by mutual consent. I show that this feature implies that workers have a strategic advantage in the wage negotiations when they try to prevent a cut in nominal wages. If inflation is so low
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美国国家经济研究局创建时间：
2002-03-01
