Arbeitspapier
Sticky wages and the Great Depression: Evidence from the United Kingdom
How sticky were wages during the Great Depression? Although classic accounts emphasize the importance of nominal rigidity in amplifying deflationary shocks, the evidence is limited. In this paper, I calculate the degree of nominal wage rigidity in the United Kingdom between the wars using new granular data covering millions of wages. I find that nominal wages were more flexible downwards than in most modern economies, but that the frequency and magnitude of wage cuts were too low to fully offset deflation.
- Language
-
Englisch
- Bibliographic citation
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Series: eabh Papers ; No. 21-01
- Classification
-
Wirtschaft
Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: 1913-
- Subject
-
Great Depression
Interwar Britain
Nominal Rigidity
- Event
-
Geistige Schöpfung
- (who)
-
Lennard, Jason
- Event
-
Veröffentlichung
- (who)
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The European Association for Banking and Financial History (EABH)
- (where)
-
Frankfurt a. M.
- (when)
-
2021
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Lennard, Jason
- The European Association for Banking and Financial History (EABH)
Time of origin
- 2021
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