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A Study of Downward Nominal Wage Rigidity in Korea

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Authors
Lee, Mihye; Na, Su-Mi
Issue Date
2015-04
Publisher
Institute of Economic Research, Seoul National University
Citation
Seoul Journal of Economics, Vol.28 No.2, pp. 213-236
Keywords
Downward nominal wage rigidityUnemployment
Abstract
This paper examines downward nominal wage rigidity in Korea using aggregate and individual-level data. We find that the degree of downward nominal wage rigidity differs depending on the data sources used. Results from the aggregate data indicate that, on average, wages have been flexible. By contrast, evidence from the micro data suggests that nominal wages are downwardly rigid most of the time. We also find that downward nominal wage rigidity can differ across industries at both industry and individual levels. At the individual level, wage rigidity is greater in the service than in the manufacturing sector, even though the latter exhibits smaller volatility in its rate of wage growth.
ISSN
1225-0279
Language
English
URI
https://hdl.handle.net/10371/94363
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.28 no.1~4 (2015)
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