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Why Not Cut Pay?

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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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
Note: CFP 963.
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Phone: (203) 432-3702
Fax: (203) 432-6167
Web page: http://cowles.econ.yale.edu/

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Order Information: Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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