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7min chapter
Jonathon Hazell on Phillips Curves, Wage Rigidity, and How to Measure R-Star
Macro Musings with David Beckworth
Downward Wage Rigidity and Unemployment
This chapter explores the concept of downward wage rigidity and its impact on unemployment during recessions. It discusses the importance of wages for newly hired workers in determining employment decisions and highlights the historical perspective on nominal wage declines.
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Listen to the best highlights from the podcasts you love and dive into the full episode