National Bank of Hungary paper surveys wage rigidities

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A paper published by the National Bank of Hungary today (July 10), presents the findings of a cross-country survey of the frequency with which firms change wages and prices.

The authors, Martine Druant, Silvia Fabiani, Gábor Kézdi, Ana Lamo, Fernando Martins and Roberto Sabbatini, analyse data from 17,000 firms surveyed by 17 European central banks from 2007–2008. The paper finds firms adjust wages on average every 15 months, but adjust prices on average every 10 months.

The paper also

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