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Why Not Cut Pay?

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    Abstract

    Over 300 business people, labor leaders, business consultants, and counselors of unemployed people were interviewed during the recession of the early 1990's in order to learn why wages and salaries were declining in only a few firms. Employers believed that cutting pay would hurt employee morale, leading to lower productivity and current or future difficulties with hiring and retention. There were few indications that unemployed people had excessive wage expectations. On the contrary, many unemployed were too flexible and found themselves rejected by firms as overqualified.

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    File URL: http://cowles.econ.yale.edu/P/cd/d11b/d1167.pdf
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    Bibliographic Info

    Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1167.

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    Length: 40 pages
    Date of creation: Nov 1997
    Date of revision:
    Publication status: Published in European Economic Review (1998), 42: 459-490
    Handle: RePEc:cwl:cwldpp:1167

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    Cited by:
    1. Collard, Fabrice & de la Croix, David, 1996. "Gift exchange and the business cycle: the fair wage strikes back," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1997008, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), revised 00 Apr 1997.
    2. Rafael Muñoz, . "Skilled and unskilled employment in a Spanish business cycle model," Studies on the Spanish Economy 20, FEDEA.

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