The Financial Channel of Wage Rigidity
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https://www.nber.org/papers/w29201
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资源简介：
I propose a financial channel of wage rigidity. In recessions, rather than propping up marginal (new hires) costs of labor, rigid average wages squeeze cash flows, forcing firms to cut hiring due to financial constraints. Indeed, empirical cash flows and profits would turn acyclical if wages were
提供机构：
美国国家经济研究局
创建时间：
2021-08-01
