Jonathon Hazell on Phillips Curves, Wage Rigidity, and How to Measure R-Star
Macro Musings with David Beckworth
Exploring Sticky Downward Wages and Internal Equity
This chapter explores the reasons behind sticky downward wages and introduces the concept of internal equity. It discusses fairness concerns and managerial practices that constrain firms to pay the same wages for new hires and continuing workers, and references a paper that supports the idea of similar wages for the same job across different geographic regions.
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