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Deflation and Downward Nominal Wage Rigidity: Evidence from Japan

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Author Info
Kengo Yasui () (Graduate School of Economics, Osaka University)
Shinji Takenaka () (Graduate School of Economics, Osaka University)
Abstract

This study empirically analyzed downward nominal wage rigidity using time-series cross-industry data from 1981 to 2002, a period which included deflation. We found that nominal wages remained rigid to downward pressure by expected deflation and labor-market tightness. Estimations according to worker age categories revealed downward wage rigidity with deflationary pressure for most age categories. Wage rigidity during labor-market tightness was greater for younger workers.

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File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0521.pdf
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Paper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 05-21.

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Length: 34 pages
Date of creation: Jul 2005
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Handle: RePEc:osk:wpaper:0521

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Web page: http://www.econ.osaka-u.ac.jp/
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Keywords: wage rigidity nominal wage deflation unemployment Japan

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Find related papers by JEL classification:
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. David Card & Dean Hyslop, 1996. "Does Inflation "Grease the Wheels of the Labor Market"?," NBER Working Papers 5538, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Kimura, Takeshi & Ueda, Kazuo, 2001. "Downward Nominal Wage Rigidity in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 15(1), pages 50-67, March. [Downloadable!] (restricted)
  3. 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)
  4. Kenneth J. McLaughlin, 1999. "Are nominal wage changes skewed away from wage cuts?," Review, Federal Reserve Bank of St. Louis, issue May, pages 117-132. [Downloadable!]
  5. McLaughlin, Kenneth J., 1994. "Rigid wages?," Journal of Monetary Economics, Elsevier, vol. 34(3), pages 383-414, December. [Downloadable!] (restricted)
  6. Katharine G. Abraham & John C. Haltiwanger, 1995. "Real Wages and the Business Cycle," Journal of Economic Literature, American Economic Association, vol. 33(3), pages 1215-1264, September. [Downloadable!] (restricted)
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