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Microeconomic Evidence of Nominal Wage Rigidities in Chile

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  • Marcus Cobb C.
  • Luis Opazo R

Abstract

This document presents new evidence on the adjustment frequency of wages in Chile and their fundamentals. The data come from a database built from information gathered by the Chilean safety association Asociación Chilena de Seguridad (AChS). The base consists of a panel of 429 thousand wage records for the period 2001.12–2007.12. The results indicate that, on average, wages take a little over nine quarters to adjust completely. As for the determinants of such adjustments, the degree of downward flexibility of wages depends positively on the participation of younger workers (under 30), positively on firm size, and negatively on the proportion of high income workers. Finally, the sectoral effects are statistical and economically significant.

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File URL: http://www.bcentral.cl/estudios/revista-economia/2010/abr/recv13n1abr2010pp23-37.pdf
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Bibliographic Info

Article provided by Central Bank of Chile in its journal Economía Chilena.

Volume (Year): 13 (2010)
Issue (Month): 1 (April)
Pages: 23-37

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Handle: RePEc:chb:bcchec:v:13:y:2010:i:1:p:23-37

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  1. Babecký, Jan & Du Caju, Philip & Kosma, Theodora & Lawless, Martina & Messina, Julián & Rõõm, Tairi, 2009. "Downward Nominal and Real Wage Rigidity: Survey Evidence from European Firms," Working Paper Series 1105, European Central Bank.
  2. Alan S. Blinder & Don H. Choi, 1989. "A Shred of Evidence on Theories of Wage Stickiness," NBER Working Papers 3105, National Bureau of Economic Research, Inc.
  3. BAI, Jushan & PERRON, Pierre, 1998. "Computation and Analysis of Multiple Structural-Change Models," Cahiers de recherche 9807, Universite de Montreal, Departement de sciences economiques.
  4. Joseph G. Altonji & Paul J. Devereux, 1999. "The Extent and Consequences of Downward Nominal Wage Rigidity," NBER Working Papers 7236, National Bureau of Economic Research, Inc.
  5. Campbell, Carl M, III & Kamlani, Kunal S, 1997. "The Reasons for Wage Rigidity: Evidence from a Survey of Firms," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 759-89, August.
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