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Deflation and Downward Nominal Wage Rigidity: Evidence from Japan

Kengo Yasui () and Shinji Takenaka ()
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Kengo Yasui: Graduate School of Economics, Osaka University
Shinji Takenaka: Graduate School of Economics, Osaka University

No 05-21, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

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.

Keywords: wage rigidity; nominal wage; deflation; unemployment; Japan (search for similar items in EconPapers)
JEL-codes: E24 E31 J30 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2005-07
New Economics Papers: this item is included in nep-cba, nep-mac and nep-sea
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