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Microeconomic Evidence of Nominal Wage Rigidity in Chile

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Author Info
Marcus Cobb
Luis Opazo

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Abstract

This paper presents micro evidence on the degree of downward nominal wage rigidity in Chile and also explores its consequences in terms of employment. The data used corresponds to a new panel based on 440 thousand wage histories for the period 2001.12-2007.12. The results indicate a low degree of wage flexibility, the estimated length of wage adjustment for the whole economy being around nine quarters. In terms of the determinants of wage rigidity, the degree of flexibility depends negatively on the size of the firm, the percentage of female workers, the age of workers and white-collar participation at firm level. The econometric estimations indicate that the direct consequence of wage rigidity is a higher fluctuation of employment through the business cycle.

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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 496.

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Date of creation: Oct 2008
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Handle: RePEc:chb:bcchwp:496

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  2. Giuseppe Moscarini & Fabien Postel-Vinay, 2008. "The Timing of Labor Market Expansions: New Facts and a New Hypothesis," NBER Chapters, in: NBER Macroeconomics Annual 2008 National Bureau of Economic Research, Inc. [Downloadable!]
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  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. [Downloadable!] (restricted)
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  8. Knoppik, Christoph & Beissinger, Thomas, 2005. "Downward Nominal Wage Rigidity in Europe: An Analysis of European Micro Data from the ECHP 1994-2001," IZA Discussion Papers 1492, Institute for the Study of Labor (IZA). [Downloadable!]
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  11. Wolfgang Franz & Friedhelm Pfeiffer, 2006. "Reasons for Wage Rigidity in Germany," IZA Discussion Papers 2017, Institute for the Study of Labor (IZA). [Downloadable!]
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  14. Jushan Bai & Pierre Perron, 2003. "Computation and analysis of multiple structural change models," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 18(1), pages 1-22. [Downloadable!]
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  15. 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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