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.

Sprache
Englisch

Erschienen in
Series: eabh Papers ; No. 21-01

Klassifikation
Wirtschaft
Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: 1913-
Thema
Great Depression
Interwar Britain
Nominal Rigidity

Ereignis
Geistige Schöpfung
(wer)
Lennard, Jason
Ereignis
Veröffentlichung
(wer)
The European Association for Banking and Financial History (EABH)
(wo)
Frankfurt a. M.
(wann)
2021

Handle
Letzte Aktualisierung
10.03.2025, 11:41 MEZ

Datenpartner

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Objekttyp

  • Arbeitspapier

Beteiligte

  • Lennard, Jason
  • The European Association for Banking and Financial History (EABH)

Entstanden

  • 2021

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