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| Author: | Rayack, W. L. |
| Title: | Fixed and flexible wages: evidence from panel data |
| Journal: | Industrial and Labor Relations Review
1991 : JAN, VOL. 44:2, p. 288-298 |
| Index terms: | PAYMENT SYSTEMS FLEXIBILITY UNEMPLOYMENT INFLATION OLDER WORKERS |
| Language: | eng |
| Abstract: | Using data for the years 1968-84 from the Michigan Panel Study of Income Dynamics, the differential flexibility in nominal wages by tenure and occupation is analyzed. The results show that short-run sensitivity to both unemployment and inflation is confined largely to low-tenure workers and that the cyclical upgrading and downgrading of employment opportunities makes a significant contribution to flexibility in nominal wages. The findings are consistent with a model in which long-term commitments insulate the wages of senior workers from short-run swings in economic conditions and in which nominal wages are largely noncyclical but employment opportunities shrink and expand. |
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