Eurozone wage rigidity largely persisted in great recession – Finnish paper

The Bank of Finland

Nominal wages in the eurozone continued to show a large measure of downward “stickiness” despite the recent great recession, a working paper published by the Bank of Finland finds.

In Nominal wage rigidity in the EU countries before and after the Great Recession: evidence from the WDN surveys, Eva Branten, Ana Lamo and Tairi Rõõm use data from the eurosystem’s wage dynamics network survey.

They look at two types of wage stickiness: downward nominal wage rigidity (DNWR), and the lagged response

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