ABSTRACT

We provide empirical evidence of the relationship between downward wage rigidity and unemployment volatility by comparing wage dynamics and worker mobility during the Great Recession in two countries where wages adjusted very differently: Latvia and Spain. Using a panel of social security administrative data, we find that wages in Spain were rigid even during periods of rising unemployment. In contrast, Latvian wages were reduced and wage cuts affected 60 percent of jobs. At the same time, the elasticity of workers' transition rates into and out of unemployment to productivity shocks was four times higher in Spain than in Latvia, and these responses were more persistent in Spain. This evidence is consistent with theoretical models that show that unemployment volatility is higher when wages are rigid.

摘要

我们通过比较拉脱维亚和西班牙这两个工资调整差异很大的国家在大萧条期间的工资动态和工人流动性，提供了下降的工资刚性与失业波动之间关系的经验证据。使用社会保障行政数据面板，我们发现，即使在失业率上升期间，西班牙的工资也很严格。相反，拉脱维亚的工资减少了，减薪影响了60％的工作。同时，西班牙工人失业率进出失业率对生产率冲击的弹性比拉脱维亚高四倍，而这些反应在西班牙更为持久。这一证据与理论模型相吻合，该理论模型表明，当工资严格时，失业率波动性更高。