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A Behavioral Explanation for Nominal Wage Rigidity during the Great Depression

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Author Info
O'Brien, Anthony Patrick

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Abstract

Nominal wages in manufacturing were left unchanged by the large decline in nominal demand that marked the first two years of the Great Depression. This rigidity in nominal wages is explained using the tools of the behavioral theory of the firm. The emphasis is on the reasons firms changed their decision rules linking fluctuations in final sales to changes in nominal wages. Copyright 1989, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Publisher Info
Article provided by MIT Press in its journal Quarterly Journal of Economics.

Volume (Year): 104 (1989)
Issue (Month): 4 (November)
Pages: 719-35
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Handle: RePEc:tpr:qjecon:v:104:y:1989:i:4:p:719-35

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  1. Lundborg, Per, 2000. "Taxes, Risk Aversion and Unemployment Insurance as Causes of Wage Rigidity," Working Paper Series 160, Trade Union Institute for Economic Research. [Downloadable!]
  2. Janet L. Yellen, 2004. "Stabilization policy: a reconsideration," Speech, Federal Reserve Bank of San Francisco, issue Jul 1. [Downloadable!]
  3. Michael D. Bordo & Christopher J. Erceg & Charles L. Evans, 1997. "Money, sticky wages, and the Great Depression," Working Paper Series, Macroeconomic Issues WP-97-2, Federal Reserve Bank of Chicago. [Downloadable!]
    Other versions:
  4. Randall E. Parker & Phillip Rothman & Original: August 2000. This version: June 2003., . "An Examination of the Asymmetric Effects of Money Supply Shocks in the Pre-World War I and Interwar Periods," Working Papers 0302, East Carolina University, Department of Economics. [Downloadable!]
    Other versions:
  5. Christopher Hanes, 2000. "Nominal Wage Rigidity and Industry Characteristics in the Downturns of 1893, 1929, and 1981," American Economic Review, American Economic Association, vol. 90(5), pages 1432-1446, December. [Downloadable!] (restricted)
  6. Harold L. Cole & Lee E. Ohanian, 2000. "Re-examining the contributions of money and banking shocks to the U.S. Great Depression," Staff Report 270, Federal Reserve Bank of Minneapolis. [Downloadable!]
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